February 2020.
On point

February 2020.

Welcome to the first On Point for 2020! We hope you’ve been having a great summer so far. This month we hear from Adrian Riminton, our Chief Distribution Officer, about what’s high on his agenda for the coming year, and A.M. Best reaffirms our A- (Excellent) financial strength rating*.  

Don’t forget, if you have any feedback on On Point or the way we communicate with you we’d love to hear it

Adrian Riminton

Adrian's top three for 2020

  1. With the ‘sold out’ sign up, our first key milestone will be our ENGAGE conference in March. We have an awesome line-up of speakers, including Kiwi business and fashion icon Karen Walker; Joe Jordan, former senior vice president at Metlife; and seven-time world surfing champion Layne Beachley. We also have some exciting announcements - so stay tuned.
  2. Of course we can’t ignore the introduction of the new regulatory regime in June. This will mark a significant shift in the industry. The team is working hard to ensure we can support advisers through this change and make it as seamless as possible. ‘Success’ to us will be to minimise disruption during this period so we can all get on with the job of looking after Kiwis.
  3. For me, the third key goal is setting up Fidelity Life for the future. We are working on some major initiatives that will change the way we are able to support customers and advisers and grow our respective businesses. These are truly exciting times and it’s a privilege to be part of it.

In brief

  • A.M. Best reaffirms our A- (Excellent) Financial Strength Rating*
  • Printed claims flyers available now

A.M. Best reaffirms our A- (Excellent) Financial Strength Rating*

This rating reflects our balance sheet strength, which A.M. Best categorises as very strong, along with other factors - read more here.

Printed claims flyers available now

Our 2019 claims stats flyers can be ordered from Soar, here (code: XFLCLAIMS 1219). A digital version is available here.  

Rewarding customer loyalty

As you know we’re constantly monitoring our proposition to ensure we’re competitive, we’re offering our customers value and that our business is sustainable over the long term.

So following a recent review, from 1 April 2020 the five- and ten-year loyalty discount for customers with Platinum Plus, Mortgage Protector and Platinum policies from the Fidelity Life and Lumley product ranges will no longer be applied.

Whilst previously the loyalty discount has been automatically incorporated into Apollo illustrations, it has not been included in any policy wordings or renewal communications. Our review found very few advisers or customers are aware of it.

We do however understand the importance of rewarding customers’ loyalty. Firstly, there’s no change for customers who’ve already had the discount applied e.g. a customer who’s been through their five-year renewal will retain their 5% discount, but won’t receive a 10% discount at their 10 year renewal (unless their 10 year renewal occurs before 1 April 2020).

Secondly, as mentioned above, we’ll be making an exciting announcement at our ENGAGE conference in early March which will help build loyalty and boost retention.

Apollo will be updated to reflect this change from 20 February 2020.

Please ask your BM or BAM if you have any questions. 

We hope you enjoyed this issue of On Point. As always, if you have any questions or if we can help in any way please drop your Business Manager, Business Account Manager or the team a line.

*Fidelity Life has an A- (Excellent) financial strength rating from A.M. Best. The rating scale that this rating forms part of is available for inspection at our offices. For more information please visit fidelitylife.co.nz/about-fidelity-life/our-financial-strength