New research highlights the serious unintended consequences of proposed reforms for young and active members

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AIA Australia has released new research to highlight the limited financial gains young Australians would receive under the Federal government’s ‘Protecting your Super Package’, which would also leave more than 1.4 million young people under 25 without much needed financial protections. The research commissioned by AIA and completed by Rice Warner has shown that an […]

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Success of AIA Australia’s Claims on Wheels initiative prompts national roll-out

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AIA Australia’s industry-first initiative, Claims on Wheels, is exceeding expectations for service and customer experience, prompting the insurer to take the innovative program nationally in the coming months. Claims on Wheels is a free service where an AIA Australia consultant makes home visits to people facing significant health issues to personally assist with the claims […]

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Life insurance estate-planning trap with proposal to transfer small accounts

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The Government’s Budget proposal to strengthen the ATO-led consolidation regime by requiring the transfer of all inactive superannuation accounts where the balances are below $6,000 to the ATO.  The aim being to reunite these inactive superannuation accounts with the member’s active account may have drastic unintended consequences where a member has deliberately maintained a small […]

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Zurich rolls out lifestyle program to new customers

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Zurich has commenced rolling out its new mobile app-based lifestyle program, ‘Loving Life’ to all new retail life insurance policyholders. The exclusive program gives members access to more than 4,500 lifestyle and entertainment offers via the convenience of their smartphone. As a ‘Loving Life’ member, customers can save on a variety of everyday local services […]

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AIA Australia calls for health reforms to improve mental health outcomes

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AIA Australia and New Zealand chief executive Damien Mu yesterday committed the leading life insurer to supporting a sweeping overhaul of Federal legislation to allow life insurers to fund early intervention and treatment for mental health conditions. Speaking at the Inspiring Leaders’ Summit in Sydney today,  Mu said: “The current legislative barriers that restrict life insurers from funding medical treatments for mental health condition represent a breakdown of Australia’s […]

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Tradies first to benefit from ANZ’s predictive underwriting

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ANZ has built a predictive underwriting capability to make the insurance underwriting process faster, accurate and easier for tradespeople. Based on a successful pilot program in Victoria, licensed tradespeople such as plumbers, carpenters, electricians and builders aged between 20 and 40 years of age can now access an underwriting program that uses big data and […]

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TAL partners with Remedy Healthcare to provide added support option for customers on claim with depression or anxiety

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TAL, Australia’s leading life insurance specialist, has announced a new partnership with Remedy Healthcare, a leader in innovative healthcare. The partnership will see TAL introduce Remedy Healthcare’s ‘MindStep’ program to its broader health support services, enabling TAL to offer optional, free-of-charge life coaching services to customers on income protection claims associated with depression or anxiety. […]

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Many Australians deem their house more important than their health

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Many Australians place greater emphasis on home insurance than health or life insurance, according to a comprehensive report on the insurance market by life insurer AIA Australia. This insight comes from AIA Australia’s latest tracking study (conducted by the independent research firm Nature, in December 2017) of a representative sample of 1,000 Australians aged over 18. […]

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Do you have life insurance but no income protection insurance? You’re crazy

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No one likes to pay for insurance, let alone personal insurance. Who wants to think about the consequences if they die, become injured or fall ill and cannot work? Here are some interesting statistics by Rice Warner about the amount of personal insurance cover Australian’s have: 94% of Australians have some level of life cover […]

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Over-prescriptive education could kill life insurance advice

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The Government’s approach to adviser education has the potential to kill life insurance advice, according to Synchron Director, Don Trapnell. “A mass retirement date for life insurance advisers is looming and that date is 31 December 2023,” Mr Trapnell said. “Recent indications are that up to 75 per cent of advisers plan to exit the […]

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