- Wayne Besant CEO of AIA New Zealand speaks with Corin from NZI Business. Click image to view full interview.
Auckland, 6 May 2010 – Wayne Besant CEO of AIA New Zealand appeared on NZI Business with Corin Dann to discuss the launch of the new business product.
The underinsurance gap in New Zealand’s primarily owner-operator business market has prompted insurer AIA New Zealand to develop two new products for business – one of which insures business owners in operation for less than four years, a demographic which traditionally has had trouble securing affordable business insurance.
Launched on 1 April, the New to Business Cover is especially designed for businesses less than four years old, while the Business Continuation Cover is intended for established businesses. To support these products and ensure business clients receive the right level of cover, AIA New Zealand has also developed the Business Lifestyle Check, which helps gather information from clients to develop an appropriate business succession plan.
The Business Lifestyle Check is a comprehensive analysis tool for ensuring accuracy in setting business cover and for business succession planning, giving business owners the reassurance that they have the right protection for their business.
AIA New Zealand CEO Wayne Besant said a significant proportion of business owners did not have a succession plan, which poses a risk for companies in the event that the owner was unexpectedly unable to work.
“With 95% of New Zealand businesses being small to medium sized enterprises, and most of these having the owner as the key person running the day-to-day operations, it was clear to us that there was a need for these products and services. However, this need wasn’t being fully met by what was already available in the market.
“Many businesses wouldn’t survive if a key person was unable to work, so we see getting the right business protection, with succession planning, as essential for owners – and we wanted to make it as simple as possible.
“New Zealand is a nation of small businesses. It is critical to New Zealand’s productivity and enduring entrepreneurial spirits that businesses are able to survive the solvency test under the Companies Act due to a life risk event,” says Mr Besant.
Mr Besant is forthright about his company’s plans for New Zealand businesspeople: “There is a significant underinsurance gap in the New Zealand market, so we are excited to see awareness building around the need for income protection and are looking forward to supporting New Zealand business owners with these new and enhanced products.”
About AIA New Zealand
AIA New Zealand is the trading name of American International Assurance Company (Bermuda) Limited (AIA) in New Zealand, and a member of the AIA Group.
Since the company arrived in New Zealand in 1981, AIA New Zealand has consistently provided the market with innovative personal and business insurance products that suit the Kiwi way of life. Today we offer a complete range of risk management products that focus on the needs of our customers.
AIA New Zealand is based in Auckland with regional offices in Wellington, Hamilton and Christchurch. However, through our Insurance consultant network, we reach every corner of the country.
AIA New Zealand is a member of the Investment Savings and Insurance Association (ISI), the Insurance and Savings Ombudsman Scheme (ISO) and the Health Funds Association of New Zealand (HFANZ).
About the AIA Group
The AIA Group is a leading life insurance organisation in Asia Pacific that traces its roots in the region back more than 90 years. It provides individuals and businesses with products and services for life insurance, retirement planning, accident and health insurance as well as wealth management solutions. Through an extensive network of more than 320,000 agents and approximately 23,500 employees across 15 geographical markets, the AIA Group serves the customers of over 23 million in-force policies in the region.
The AIA Group has branch offices, subsidiaries and affiliates located in jurisdictions including Australia, Brunei, China, Hong Kong, India, Indonesia, Macau, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.