Stronger together - PDF document

October 2015Stronger togetherDear PIBA
October 2015Stronger togetherDear PIBA Member,will remember that the IIF Maximum Commissions Agreement was abolished in 1999 and just two years later we had tiered commission rates (90/100/110) depending on volume. Left unchecked or to develop even further, scaled margins could have posed a competitive threat to SME Financial Brokers.Online technology and the online submission of proposals was starting to emerge at this point. The question we asked was why couldn’t technology make hundreds of brokers look and act like one big broker to an insurer (by forcing compliance with standard operating procedures, etc.) The savings and cost efciencies could be used to reward the Financial Brokers who did the extra work of submitting the business online and complied with measures to reduce costs.thresholds. Immediately the smallest broker

was equal to the biggest and there was e
was equal to the biggest and there was even a step up in commission for the biggest broker.across the life and pensions landscape. Long before the 2012 Consumer Protection Code put pressure on the remaining over-rides and threshold-based commissions, the market had moved decisively towards a level playing eld This activity is sometimes referred to as “networking” and over the years, some people have questioned why a representative body would do such “commercial activity”. For me, there is no point in working on legislation and compliance, getting proper agency agreements, creating positive PR for Financial Brokers and then leaving SME Brokers fend for themselves against better resourced, larger rms, with higher margins. We see no reason why SME Financial Brokers can’t get a fair deal and this philosophy in

forms our approach to this scheme as wit
forms our approach to this scheme as with all other things we do.We are delighted to see the continued development of the scheme in 2015 Diarmuid KellyCEO, PIBADear PIBA Member,It doesn’t feel like 13 years ago when we introduced the PIBA OnLine scheme. While the scheme has evolved over the years, it still has at its core a desire to ensure that the bargaining power of the smaller independent Financial Broker is valued and appreciated. During the intervening years, Zurich has seen its market share double from 10% to an all-time high of 20% at the end of 2014 – an increase that is a result of the support we receive from you. We recognise that our success is fully dependent on a strong Financial Broker channel in Ireland and that’s why We work closely with Diarmuid and the PIBA Executive team to identify opportunities that ar

e right for you – from attractive p
e right for you – from attractive product terms such as enhanced commission options on our protection range, additional allocations on pension, savings and investment products; through to initiatives to help you grow your business. This year is no different – at the Financial Broker Conference in Croke Park we launched initiatives to help you grow your protection business – and feedback continues to be very positive. Growing Financial Broker businessOne of Zurich’s key objectives is to grow the Financial Broker share of the overall market. I believe that the more Irish people that meet with a Financial Broker to plan their future, the better off they will be. That’s why a tenet of our advertising is to create need awareness and to drive people to the solution the Financial Broker project – professionalising the

image of the independent advice channel
image of the independent advice channel is essential – and this project is a great way of doing that.at Zurich look forward to working even closer for the mutual benet of our Brendan JohnsonClaims, Underwriting and Technical Support – we have it coveredBusiness Development Director, ProtectionA team of people on business. From our product and investment experts through to the Kristen works with your Broker Consultant to ensure that every opportunity is maximised. She brings a wealth of sales experience to the role and is focused on helping grow PIBA members’ share of the Life, Pensions and Investment market.Our product experts are on hand to lend supportBusiness Development Director, PensionsDavid WallsPhone: 087 241 3138 david.walls@zurich.comPaul MurphyHead of ClaimsPhone: 01 744 2873 paul.murphy@zurich

.comBrian AllenHead of UnderwritingHead
.comBrian AllenHead of UnderwritingHead of Technical ServicesPhone: 01 209 2349 mike.ainsworth@zurich.comAnne Walsh,Anne is your primary connection with Zurich. She is your representative but she is also our eyes and ears – the feedback that you give to her helps us to shape how we interact with you. Anne is just one person – but for Zurich to be truly effective in dealing with you, we want you to know more people within our business. That’s why we encourage our Sales Support and Financial Brokers. We hope that you’ve had the Service Team:Technical Underwriting:Anne Walshthe bedrock bedrock of a customer’s nancial plan. That’s why we recommend good quality, competitively priced protection PIBA OnLine – Protection options to help you grow your businessYear 1 Max Year 2Year 3Year 4Year 5Year 6

Year 7+Earnings Period100% Year 1, 40% Y
Year 7+Earnings Period100% Year 1, 40% Year 280% Year 1, 20% each Year (2-5)(3% Yr Why choose Zurich for Protection?Strong claims ethos – we pay out on 95% of claims so peace of mind for customersThe strongest cancer, heart attack and stroke denitions availableFree waiver of premium on all mortgage coverCancer Cover contract for those that can’t afford full serious illnessAnytime rolling conversion optionThe Conventional 125% option is made up of 100% (10%*term) + 12.5% (online) + 7.5% (PIBO) + 5% (reexive).Director, ProtectionTo avail of these structures for Guaranteed Term Protection, Guaranteed Mortgage Protection or Pension Guaranteed Term Protection proposals, (i.e. Printing In Broker’s Ofce) option; and have applied. You will have the opportunity to choose between the “140 Structure”, the &#

147;100 /12 (100 + 12*9) Structure”
147;100 /12 (100 + 12*9) Structure”, “160 Structure”, the “180 (100, 40, 40) Structure”, the “180 (90 + 18*5) Structure” or the “Conventional Structure”.For Whole of Life proposals, if you wish to avail issued on 90%/100% (10%*term) structure. Conventional structures are not available for Whole of Life proposals.we’re there “At Zurich, we are very proud of our track record in paying claims to customers. However research from the UK suggests that customers think life companies decline far more claims than they pay.* This concerns me because the foundation of protection is that we pay claims and this is not being understood by our customers. Paul MurphyHead of ClaimsIn 2014, we paid €33 million in Life Cover with an average payout of €87,000We have a With our serious illne

ss denitions, we’ll pay more c
ss denitions, we’ll pay more claims than our nearest competitors*Source: Protection Review, 2012. Public perception of Life, Critical Illness and Income Protection claims.retirementMarket leading pension product proposition with exible pricing structures to meet Award winning investment performance and wide choice of investment fundsInnovative and thought provoking advertising campaigns that drive pension Creative online planning tools for you to use with your customersUnique customer dashboard and report generator that makes it simple for you to SP Pensions and Personal Retirement Bonds“For many people, a pension will be the most valuable asset they’ll ever accrue. What we need to do is to make sure that people understand and value that. For too long the pensions industry has focused on the technical aspects of

retirement planning; tax relief, investm
retirement planning; tax relief, investment funds and performance, different pension types and their structures. Of course these are all important but to our customers (and potential customers), I’d argue that they aren’t high on their list of priorities. At Zurich, we are getting back to the basics of retirement planning. Save now, spend later is a pretty good explanation of what pensions are all about. If we can work closely with PIBA members to help spread the message, then I think we’ll all have Director, PensionsTrailer automatically The minimum premium is €50,000 and the maximum age at entry is 55 next birthday.require advice...“While it’s important for us to simplify customer it’s difcult to get away from the fact that pensions their expertise. Whether it’s advising customers on much m

ore in-depth conversations on tax ef
ore in-depth conversations on tax efciency, The Technical Services team at Zurich is here to members every single day, guiding them through the legislative maze that dominates our industry. We bring clarity to complex topics, to help ensure understood. If you ever have a query, don’t hesitate to Technical Services:Head of Technical Investments, Savings and – PIBA OnLine – Investment options (available to 31/12/2015 only)Long-term consistently strong investment performance from our award winning Active fund management and asset allocation decisions at the heart of our propositionMarket leading risk proler and portfolio builder with a wide range of investment solutions for all risk groupsAdditional access to a carefully chosen range of funds from a selection of the largest and most renowned fund management groups

in the worldCreative and exible inv
in the worldCreative and exible investment product proposition that matches the needs of customers with the requirements of the nancial broker.very heart of our proposition. We are recognised for some of the world’s largest fund managers such as David WallsInitial CommissionNet Allocation AMCOptional TrailerEncashment Charge 1 5%100%1.25% p.a.0.25%5% - 1% 2 3%100%0.75% p.a.0.25% or 0.5%5% - 1%Investment bond option has encashment charges 5% - 1% over years 1 - 5. The minimum premium is €5,000 with a maximum of €150,000. The maximum age atentry is 75 next birthday.Investment bond option has encashment charges 5% - 1% over years 1 - 5. The minimum premium is €50,000. The maximum age at entry is 75 next birthday. 1 2 dolore eu fugiat nulla pariatur. Head of Technical Servicesin approach..

.We’ve been sucessfully following
.We’ve been sucessfully following the same dynamic amount every year. So no matter who is making the And it’s this consistency of approach that has are invested in any of our funds, whether it’s Richard TemperleyService – dedicated and you and your customers – it’s the cornerstone of our business strategy. PIBA members have traditionally different ways of working, e.g. how we set up our back But there is still much work to do. We will continue to Niamh Bernardleading the way The Client Dashboard – Zurich’s unique ‘Client Dashboard’ gives you a single overview of your client’s total holding of policies with Zurich Life, extended across retirement, investment, savings and protection products.To access the Client Dashboard, log-on to the Broker Centre, look up the client’s list o

f policies as normal and click on the Cl
f policies as normal and click on the Client Dashboard button. The Client Dashboard provides you with:An aggregated view of your client’s total holding - regardless of the number of Current pension, investment and savings values (before and after tax)Premiums paidA snapshot of your client’s protection benets.creating customer reports has never been easierKeeping your clients informed on how their policies are performing is a key component of your role. To help you with this, you can now easily generate and save customised client reports direct from the Client Dashboard. A tailored cover This makes it easier than ever to remain in contact with your customers.The ‘Password Free’ Broker CentreIn addition to the secure, password protected PIBA OnLine facility, there is also the ‘Password Free’ Broker Centre @

www.zurichlife.ie/brokercentreThis is t
www.zurichlife.ie/brokercentreThis is the result of feedback from Financial Brokers requesting a facility whereby information accessed regularly is made easily available to them. On the ‘Password Free’ Broker Centre you can access: Our product literature and application formsEnhanced Fund CentreThe Prisma Risk Proler and Portfolio BuilderThe latest news from ZurichThe most commonly requested forms – including Underwriting, Medical and PIBA as an organisation has beneted by receiving technology support payments that have helped PIBA to facilitate the roll out and promotion of technology to its members. To help facilitate these ongoing technology enhancements, Zurich has agreed to continue to provide technology support in this way to PIBA.The support reects the use of technology by you, and is calculated base

d on the usage of PIBA OnLine. The terms
d on the usage of PIBA OnLine. The terms apply from 1st January 2015 to 31st December 2015 and are as follows:For new regular premium business: Protection 2%, Standard PRSAs 0.25%;For new monthly paid regular premium business: Pension 0.25%; For new single premium business: SP Pensions and ARFs 0.1%, Investment 0.05%, Standard PRSAs 0.05%.Zurich House, Frascati Road, Blackrock, Co. Dublin, Ireland.Telephone: 01 283 1301 Fax: 01 283 1578 Website: www.zurichlife.ieZurich Life Assurance plc is regulated by the Central Bank of Ireland.Intended for distribution to PIBA Members within the Republic of Ireland.Print Ref: ZURL CP 47 (AW) 1015Unit 14B, Cashel Business Centre, Cashel Road, Crumlin, Dublin 12.Telephone: 01 492 2202 Fax: 01 499 1569PIBA Network Services Ltd t/a PIBA Mortgage Services and PIBASureis regulated by the Central Bank of