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Partners Life Insurance

partners_life.jpgEstablished in August 2010, Partners Life is a fresh, innovative, New Zealand Life Insurance company offering a full range of life risk products for the protection of New Zealand families and businesses. Products include life insurance, income protection, medical insurance, disability insurance, trauma cover and business risk protection. Over time, Partners Life aims to offer a comprehensive range of financial services products.

The majority of the Partners executive management team were intimately involved with two previously successful insurance start-ups in New Zealand, Sovereign and OnePath Life (previously known as Club Life and ING Life) as well as the formation of home equity release specialist, Sentinel. All of these ventures took advantage of unique market circumstances to create their opportunity for success. The Partners Life team saw that again market conditions created an opportunity to generate even greater success making 2011 the perfect time for a fresh, innovative company with a unique business model to capture the market.

Research consistently identifies chronic underinsurance within the New Zealand market which creates an opportunity for significant growth given the right products, distribution and communication strategies. Roy Morgan 2011 figures show that although 85% of New Zealanders over 15 years of age have some type of insurance, only 37% have life and/or risk protection. Additionally, many who do have some life insurance do not have enough. Partners Life is confident it has the right products and the best distribution channels to reach the underinsured businesses and families in New Zealand.

The recent recessionary environment resulted in many New Zealanders reducing their spend on consumer goods and becoming more concerned about the long-term financial needs of their families. This increased consumer focus on financial protection created an opportunity for substantial growth for Partners Life as we met the needs of these customers.

In addition to these unique market circumstances, the existing market has historically been heavily focused on new customer acquisition with enticing introductory offers whilst existing customers have seldom been rewarded for their loyalty. Partners Life saw this as an opportunity for a fresh approach to appreciating and rewarding customers for their long term business – for becoming partners for life. Partners Life has an exceptional management team, proven product development and marketing capabilities, modern systems and effective processes. Coupled with the company’s philosophy of sharing its rewards with customers and advisers, Partners Life is well poised to achieve its goal of becoming New Zealand’s leading
life insurer.

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