Gail Costa on what’s in store for Chubb Life New Zealand in 2024
Gail Costa on what’s in store for Chubb Life New Zealand in 2024 | Insurance Business New Zealand
Life & Health
Gail Costa on what’s in store for Chubb Life New Zealand in 2024
CEO keen to work on “big pipeline” of initiatives
Life & Health
By
Terry Gangcuangco
With Chubb Life New Zealand already fully integrated into its current owner, chief executive Gail Costa (pictured) is keen to spend 2024 on a series of plans aimed at continuing to make it easier for customers and financial advisers alike to do business with the insurer.
In an interview with Insurance Business, Costa said: “I’m looking forward to not having integration to do, and to get into some really cool initiatives. We’ve got a big pipeline of things we want to do in the market, so that’s what I’m really looking forward to.”
According to the CEO, areas of focus include further growth of Chubb Life New Zealand’s financial adviser channel, as well as digital advancement in terms of its bancassurance offering with ANZ Bank New Zealand.
“We’ve had a period of five months [during the Cigna-Chubb integration] where we haven’t been able to make any changes,” Costa noted. “And you can’t be doing that in this market – we’ve got to be freshening things up and improving continuously.
“We’ve got a lot of things we need to do. We’ve listened to our advisers – they’ve told us things that they’d like us to do. We want to get those happening.”
The Kiwi provider, which Costa said is already seeing the advantages, has since completed its product range with the launch of Assurance Extra Business while also introducing a New Zealand-first 10% lifetime discount for new customers.
Leadership changes
Aside from new initiatives in the offing, Chubb Life NZ will also see changes to its senior leadership roster.
Distribution general manager David Haak, who came on board in 2020, is leaving the business in March this year, as shared by Costa in her 2023 Christmas message to advisers.
“Originally joining as a consultant for three months, Haakie made the decision to stay on and has been an invaluable member of our leadership team ever since,” the CEO, referring to the outgoing leader by his nickname, said in her message.
“He’s significantly contributed to our success, drawing on his 30-plus years of industry experience to help firmly establish our business as a mainstream provider of life insurance.”
Haak, it’s been revealed, will be focussing on governance roles outside Chubb Life New Zealand. Both internal and external candidates will be considered in the search for his successor.
Meanwhile the company also recently announced the retirement of partnerships and business development general manager Mark Kenning.
With a focus on growth and retention, Kenning was in charge of the firm’s partner relationships, business development, and sales. The Bank of New Zealand alumnus spent over 20 years at the life insurer.
Financial advice
Moving forward as Chubb Life New Zealand, Costa’s camp will zero in on continuous improvement while leveraging the expertise of financial advisers.
“[The role they play is] huge,” Costa told Insurance Business. “They’re giving advice to people – they’re the ones that are going to close the insurance gap for us.
“Their whole worlds changed as well in terms of the qualifications, the training, and how they operate. So, those that have lasted are really resilient, they’ve adapted, and they do a fantastic job talking with customers, attracting new people, and making sure they’ve got the products they need.”
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