3 Learnings from the 2021 Financial Services Council Conference

17 Dec, 2021

Like many in the industry we had looked forward to the recent Financial Services Council (FSC) Regenerations Conference – our first with AMS as an exhibiting partner.  Then COVID-19 restrictions hit and the event moved to a fully digital format. While this clearly took away the networking and human connection element, it did not take away from the content. 

 In our view FSC put together an excellent event under the challenges of this restricted, online world we currently live in.  If you were unlucky enough not to be able to attend here are some key learnings from the event which our team would like to share.

1. Financial advisers have a new way of working

Our working lives have changed significantly over the past couple of years. It is a testament to our resilience we have managed to continue to work, as effectively as we have, during a global pandemic.  

Whether it is technology workers delivering new features and capability from their home offices; support people offering support via phone or ‘chat’ or financial advisers connecting with their customers over video conference, the world continued to turn.  

We heard how financial advisors have adapted to using the latest technology to support their customer base and how new customer acquisitions have grown in recent times.  It is an outstanding show of resilience that the financial sector has been able to function and grow in the past two years attempting to reduce the shortfall in the lives insured in NZ.

2. The relationship between ACC and the private insurance industry is not as expected

Many in NZ assume in the event of an accident ACC will provide all the medical and financial support needed to get through a potentially life changing event. Through a number of sessions we saw the picture where this was not the case.

Having your own trauma and/or disability insurance is the only way to ensure your financial security.  Many accident events can be less than clear cut which can lead to unexpected results with ACC claims.  More importantly, in your recovery, being ‘able to work’ doesn’t necessarily mean being able to do the work that you enjoyed prior to your accident event.   Where ACC may support you to the point where you can continue to work, a private scheme may support you until you can get back to the career you had.

3. Significant impact of lockdown on how we work

Despite the resilience we’ve shown as a nation over the past two years, we heard how the isolation of the numerous lockdowns has taken its toll.  Many speakers and panellists spoke about their lockdown fatigue, their reduced resilience and dealing with a lack of human contact.  

AMS has worked almost exclusively remotely since August and we have worked hard to try and limit any negative impact this can have.  A hybrid model of combined in-office and home is our normal for now and helps create more balance and support across work-life.  

However, we recognise this is not the case for everyone we work with.  Hopefully as we now come out of lockdown and expand our horizons in the new year, the stress will be reduced, and life will return to a normal with more social freedom.

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