October 2020.
On point

October 2020.

Welcome to On Point for October. Can you believe its only two months until Christmas?  

Last week marked a historic milestone with the first ever Customer Engagement Forum being held in Te Anau. NPS surveys were sent out to both new and existing customers for the period of March through to June, where we sought to understand how customers rated their advisers and how well they understood their policies. Using the criteria set for the initiative, 30 advisers with excellent customer feedback were invited to join us.

A highlight of the forum included the presentation of the Cary Veenhof trophy. As many of you know Cary’s focus on customer service was one of his many qualities, and we were extremely proud to award the Cary Veenhof trophy to the adviser with highest NPS result. Congratulations again Brett and Niki Stonham for taking out these honours. Their focus on putting the customer first in everything they do has shown through in their results.

We also presented the Gordon Watson trophy to Ross Fowler. As many of you know Ross and his wife Liz dedicate a lot of their time back to supporting their local community through a number of initiatives and it was great to celebrate their success also.

Upcoming changes to Terminal Illness Booster Cover

From 1 November 2020, we’re introducing some changes to our Terminal Illness Booster Cover which are intended to increase certainty and clarity. The first change is removal of the limitation of having to survive 30 days post claim notification, instead the insured person must survive 30 days from the date of diagnosis.  

We’ve also changed the definition of ‘Terminal Illness’ (TI) to align with the definition of TI in our Life Cover 

Terminal Illness Booster Cover – the new cover wording will apply to all cover issued from 1 November 2020. The new cover wording will be available on Adviser Hub from 1 November 2020. For those using Apollo web, it’ll be automatically updated for you. If you use Apollo desktop the new wording will be available after the December release.   

Changes in detail 

The following will be removed: 


If death occurs to an insured person within 30 days of the date of notification of the claim under this Terminal Illness Booster Cover or if the insured person survives that period or part of that period solely as a result of being dependent on life support systems, then no payment will be made under this cover for that insured person unless the insured person survives 30 days after the life support systems are removed.  We will not pay a claim if you notify us after the date of the death of the insured person. 

And instead the words in italics added to the Benefit section 

If an insured person is:  

  • diagnosed with a terminal illness, and 
  • survives for at least 30 days after the date of diagnosis of terminal illness without the use of a life support system,  

we will pay the Terminal Illness Booster Cover sum assured.  The sum assured is 25% of the life assurance sum assured up to a maximum of $500,000. 

The definition of terminal illness also changes to: 

An illness where, after considering the current or future treatment the insured person would be reasonably expected to receive, he or she is likely to die within 12 months. The specialist medical practitioner treating his or her condition must certify the diagnosis and prognosis of the terminal illness. Another specialist medical practitioner nominated by us must confirm the diagnosis and prognosis. 

This is the same TI definition used in our Life Assurance Cover.  

For any claims on Terminal Illness Booster Cover arising after 1 November 2020 for an existing customer, their claim will be assessed on the basis of whichever wording is more favourable for your customer.

Fidelity Life brand guidelines

Want to use our logo on your website?  

We know many of you like to use our logo on your websites and in other marketing material, and we want to make it easy for you to keep doing this.  

We also want to make sure you’re using our current logo – you might recall we refreshed our brand in March this year. You can now request our logo, and download a set of simple guidelines which explain how to use it.  

Our brand is really important to us so if you’ve got any questions – in particular if you want to place our logo alongside yours (co-branding) – please get in touch with Meagan Tuckerman, our Head of Marketing and Digital. 

Our FY20 results

We’ve just released our FY20 results and, one year into our five-year transformation strategy, things are looking good! 

The fact we’re on track with our transformation, maintained our customer and adviser service levels despite Covid-19, and consolidated our strong financial position – all while navigating an extremely complex environment - is something we’re very proud of. 

Here’s the highlights: 

  • Underlying profit rose from $11.6m in FY19 to $17.0m 
  • Net premium revenue grew by $8.0m to $158.3m 
  • We paid $139.7m in claims, up from $125.7m 
  • Operating expenses fell from $58.5m to $56.8m 
  • Market share (in-force business) grew slightly to 11.5% and we maintained our #3 position 
  • And we won the ANZIIF Life Insurance Company of the Year award for the third year running 

Looking ahead, we’ll continue to invest in our transformation while managing economic uncertainty and protecting our capital.  

For advisers, over the coming months we’ll be upgrading Apollo, eApp and Adviser Centre to provide a richer digital experience including improved reporting and insights; and introducing a new commission framework which will reward you appropriately under the new regulatory environment. 

Plus we’ll continue to invest in helping you make the transition to the new financial adviser licensing regime. 

See our 2020 Annual Report for full details

Learning HQ

Congratulations to all of you who’ve completed the current modules, we’ve had some great feedback so far. Remember – it doesn’t take long to get your accreditation up to date and you can dip in and out of the modules to suit your schedule!   

If you haven’t completed them yet, we’d encourage you to put some time aside to get them done – visit learning.fidelitylife.co.nz or check out the guide to get started. Our Product Training Manager, Leigh Bennett is also available to help 021 278 1491.  

We’ll be releasing the next round of modules soon, so keep an eye out! 

Helping customers facing hardship 

A reminder to continue reaching out to customers to understand whether they're concerned about paying premiums due to the impacts of Covid-19. We have some options available to help them keep their policies in place: 

  • Premium deferral – this is a simple, accessible solution to help customers facing financial hardship keep their policies in place while they get back on their feet. For more information and how it works, go to our Covid-19 page. 
  • Built-in hardship provisions – some of our covers have built-in provisions to support customers dealing with hardship, such as options for premium holidays or leave without pay. For more details, please read our overview of hardship provisions. It’s also important you read the policy wordings as cover stops for the period premiums aren’t paid. 
  • Retention tools – on a case by case basis our Retention team can help customers with making up missed payments, reinstating cover or a premium freeze or temporary hold. For more information, our retention team can be reached on 0800 203 750 or assistance@fidelitylife.co.nz 
  • Our Covid-19 webpage for customers can also help answer their questions. 

That’s all from us this month!