Ralph has also been the Chief Executive of both ACC and AXA, the GM Marketing and Strategy for Tower Insurance and Marketing Director at Jardine Fleming. He spoke to our Club about "The Trials and Tribulations of Commercial Innovation".
He spoke to our club on August 3. Brent Gerrard reports.
Lifetime is the pre-eminent provider of retirement income products in New Zealand. Ralph began the business in 2013, after seeing the need to provide sustainable income in retirement for the growing number of New Zealand superannuitants. The product provides peace of mind for retirees by providing a regular top-up to New Zealand Superannuation Payments – for as long as they live.
Ralph explained how having a great idea wasn't enough to kick this business off the starting line. Having spent much of his life running large insurance companies for corporates, it was time to get personal and build a great product that could help solve New Zealand's lack of retirement income issues by providing retirees with a regular income - for life. The idea of a lifetime regular income was already well advanced in overseas markets but not in New Zealand. Ralph encountered challenges with raising capital, multiple applications to the Reserve Bank for approval to operate his financial entity, and changes in the operating environment which forced him to persuade his existing clients to move to a non-guaranteed income when that's what they initially went to market with. He put his house on the line, borrowed from friends, family and whoever would listen to him...even Gareth Morgan - to ensure the company delivered. It was a story in fast thinking, honesty and persistence. If you want to succeed you need to keep chasing the dream...even when the obstacles look like they might crush you...if you are persistent and have belief in you and your team, you can make the dream happen.
So far it looks pretty good and we wish Ralph and his great team continued success....some of us would do well to jump in and invest in his product!