The South Korean fact finding team was organised by the Korean Life Insurance Association (KLIA), a non-profit organisation looking into developing Korea’s life insurance and retirement industry. It included representatives from Korea Life, AIA Korea, Samsung Life Insurance and Asian business media such as CBS and The Asia Economic Daily.
“In particular they’re interested in KiwiSaver’s extraordinary and rapid success. Its success has already attracted a lot of interest from around the world, with enquiries coming from other parts of the Asia Pacific region, the USA and the UK.”
ING is a leading provider of KiwiSaver in New Zealand, with 290,000 members and more than $1 billion in investment funds under management.
The KLIA delegation also learned about ING’s insurance practices, particularly in connection with long-term financial security strategies.
Craig Wagstaff, Head of Strategic Alliances for INGNZ’s Life business says: “Insurance is equally important in creating financial security both now and for the future. Insurance needs can change with different life stages, having products that fit these different stages is essential. Products also change so New Zealander’s need to take a regular look at their insurance cover – not just the house and car but themselves and their families to ensure they are getting the appropriate cover and security.”
Both Boyle and Wagstaff strongly believe in the value of independent advice, which is readily available from professional financial advisers and agencies like the Retirement Commission and its ‘Sorted’ website (http://www.sorted.org.nz/).