CPD: Risky business – Australia’s underinsurance problem

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Although it’s well documented that many Australians are not insured, particularly when it comes to covering life and traumatic events, the 2019-2020 summer has brutally highlighted the underinsurance problem – that is, when people think they are adequately insured but a dire turn of events proves them wrong. This article, sponsored by Zurich Australia, examines […]

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Deferred sales model for add-on insurance

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Finity and The Fold Legal released an update on the Royal Commission’s recommendations into add-on insurance in July 2019. After two separate consultation papers, Treasury has recently released: An Exposure Draft Bill; Exposure Draft Regulations; An Explanatory Memorandum; and An Explanatory Statement. The consultation period for these draft documents ends on 28 February 2020. Assuming that […]

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New MetLife research reveals trust and transparency the biggest barriers to seeking out life insurance through an adviser

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Communication is more important than price when it comes to choosing a financial adviser, according to new research released by life insurer MetLife Australia. The research indicates advisers can use communication to build trust with their clients. Now in its second year, the MetLife Adviser-Client Relationship Report 2019 is the largest quantitative study of its kind. The […]

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MetLife research reveals annual reviews are the key to client retention and new customer referrals

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Financial advisers looking to boost client retention and new client referrals should prioritise annual reviews, according to a report from life insurer MetLife Australia. Now in its second year, the MetLife Adviser-Client Relationship Report 2019 is the largest quantitative study of its kind. The report includes insights from consumers and Small to Medium Enterprises (SMEs) […]

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High cost of living can exacerbate financial catastrophe

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Australian life insurer, Integrity Life (Integrity) has warned the high cost of living in the latest CPI data, which, recorded an overall year on year increase from December 2018 – December 2019, may have particularly harmful consequences for underinsured Australians. The rising cost of living is disproportionately driven by the costs of the most important, life […]

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2020 will be another testing year for businesses seeking insurance cover

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Honan Insurance Group’s (Honan) December 2019 Quarterly Market Update has been released and the report foresees 2020 as another year that will again test businesses seeking insurance cover said Travis Wendt, Honan’s Head of Broking & Carrier Management. Commenting further, Travis Wendt said top line premium growth will continue to take a back seat as the market maintains […]

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New whitepaper benchmarks the cost of life insurance advice

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A new MLC Life Insurance commissioned whitepaper into the cost and efficiency of life insurance advice reveals risk advisers must examine their cost base to be sustainable in a reduced commission environment. With maximum upfront commissions decreasing to 60% (plus GST) for new life insurance policies from 1 January 2020 as part of the Life […]

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CPD: Walk a mile in your client’s shoes

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Australian insurance literacy is low by world standards. Australians who receive financial advice are more likely to have better literacy levels and a better understanding of their own position. In this article, Zurich explores the need for advice and provides some strategies for articulating your value to clients. The need for risk advice There’s a […]

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A new vision for Life Insurance Professional Standards

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The life insurance industry recognises that to become a sector the community trusts, the industry must commit to supporting the professionalism of its people. The Australian and New Zealand Institute of Insurance & Finance (ANZIIF) and the Life Insurance Professional Standards Working Group (LIPSWG), whose membership is comprised of AIA Australia, AMP Life, BT Life […]

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SuperFriend and MetLife pilot innovative approach for customers

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Workplace mental health specialist SuperFriend has been working with life insurance partner, MetLife Australia, to pilot an innovative new program designed to provide enhanced support to customers navigating a claim. The program uses a Person-Centred Communication approach (also known as ‘motivational interviewing’), which has delivered improved outcomes internationally for both customers and the claims management […]

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