Thematic review of life insurer conduct and culture
In 2019, we released the findings of our joint review with the Financial Markets Authority of 16 New Zealand life insurers that underwrite life insurance products. This page discusses the findings of the review and next steps.
What the review found
Note that the report is based on a thematic monitoring review where information was provided voluntarily by insurers. It is not appropriate to name or attribute findings to any individual businesses.
Doing the right thing for customers
Buying life insurance is one of the most important financial decisions people will make. Customers should be able to have confidence their insurance will do what the insurance company or their financial adviser has told them. Many customers do experience the benefits of their insurance policies every year.
A positive finding in the report showed that, in general, frontline claims teams were focused on good outcomes with a strong desire to do the right thing for their customers.
The purpose of the thematic review and the report’s recommendations are to ensure the industry responds with urgency to the issues identified.