CommInsure to reward customers
Simon Swanson
Insurance giant CommInsure is rewarding its loyal customers by giving them over $1.2 billion worth of free additional life insurance cover over the next month.
Starting from October 1, 2007, eligible members under CommInsure’s Loyalty Bonus Benefit will be rewarded with a 5 per cent increase in benefits paid at the time of claim at no extra cost to the customer. Over 40,000 customers are expected to benefit from the bonus within the first year.
The bonus will cover customers who have maintained their Life Care, Total Permanent Disability Cover and Trauma Cover with the insurer for five years or more since 2002.
Managing director of CommInsure Simon Swanson said the program was an important aspect in maintaining the loyalty of customers and advisers, and vital to the success of the business.
“I want to ensure that through these reward schemes we are demonstrating to our customers and advisers that we appreciate their business,” Swanson said.
“The Loyalty Bonus Benefit is unique to the market — there are no other insurers that offer a loyalty bonus on such a large scale.”
According to Swanson, CommInsure has a history of rewarding customer loyalty and since 2005 has given customers who have maintained their Income Protection cover for three years or more an extra $50,000 worth of free accidental life cover, with an incremental increase of $10,000 each year, up to a total of $100,000 at no extra cost.
“We will continue to improve our service and our products to meet and exceed the market’s expectation,” Swanson said.
Recommended for you
Despite the government agreeing to replace SOAs with CARs, the FAAA and SIAA believe greater streamlining of documentation is needed for the change to have a positive impact on advisers.
There are “multiple black swan events” threatening the financial advice industry currently, according to the FAAA’s Phil Anderson, potentially running up the compensation bill for advisers.
Former national business growth manager at AMP Advice has taken a new role at Sequoia Financial Group.
With the ESG label often causing confusion among investors, Nanuk Asset Management has encouraged financial advisers to use more plain, specific language with their clients.
