Technology, education, analytics to drive growth in wholesale insurance market

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A new report from independent financial services consultancy Rice Warner predicts strong growth for the wholesale insurance market over the next 15 years. According to Richard Weatherhead, Director and Head of Life Insurance at Rice Warner, this growth will emanate from individual member increases in cover rather than increases to default cover levels. “The growth […]

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BT Insurance awarded highest possible ratings

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BT Insurance has been awarded an ‘A*’ rating by independent consultancy, The Risk Store. The A rating reflects BT’s excellence in claims servicing and is the highest rating given by The Risk Store.  The ‘star’ rating reflects that BT offers a differentiated and unique claims experience with its tele-claim service that allows claims decisions to […]

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New research: Adviser usage of eApplications levelling out

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New research shows the adviser penetration of online application facilities (eApps) for life insurance to be levelling out. A survey conducted by Beaton Research and Consulting on behalf of Zurich’s life and investments business in Australia (Zurich) shows that around one third of all advisers are still submitting less than 10% of life insurance applications […]

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Millions of workers to lose access to advice if commissions banned in group risk

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The Government’s re-think on a commissions ban on life insurance within superannuation must extend to group risk, or millions of Australian workers will lose the affordable access they currently have to life insurance advice within their corporate superannuation plans, according to the Corporate Super Specialist Alliance (CSSA). The Minister for Financial Services and Superannuation, Bill […]

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Insurance needs change on retirement

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Recent discussion about the so-called ‘de facto death duty’ levied on superannuation payouts to non-dependants, which includes payouts on life insurance held in super, highlights that pre-retirees should reassess how insurance is held and what cover is needed, says Mr Michael Hutton, head of wealth management at accountants and advisors HLB Mann Judd Sydney. “There […]

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Institute of Actuaries calls for temporary national flood insurance pool

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The Institute of Actuaries of Australia (the Institute) today called for the creation of a temporary national insurance pool to subsidise premiums for high flood risk properties and to fund financial incentives for mitigation actions until mitigation strategies can reduce flood risks in the system to an acceptable level. Commenting on its submission to the […]

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BT insurance new end-to-end life solutions a success with advisers and dealer groups

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BT Protection Plans have been added to more than 100 approved product lists within dealer groups and the number of advisers the products have doubled since its launch in February 2011 to the independent financial advice market. According to BT Insurance, more than half the applications have been underwritten, and submitted online and over 25% of income […]

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Life insurance gap beginning to close in Australia

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New report from Rice Warner reveals increasing levels of personal insurance Australia’s life insurance gap has reduced over the last six years, according to a new report from Rice Warner Actuaries. As at June 2010, the overall level of underinsurance is $669 bn to meet the subsistence needs of families and dependants after death, which compares […]

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The changing face of the risk environment

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Direct Risk the big winner as industry ‘comes of age’ According to Rice Warner Actuaries’ latest Direct Life Insurance Report, Australia’s direct life market has experienced growth over the past year that has seen it ‘come of age’. The report reveals a dramatically changing landscape that features new, more sophisticated marketing, wider public acceptance, multi-channel […]

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SPAA positive on most FOFA reforms

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SPAA is pleased the Government is considering scaled advice to replace the accountants’ exemption but disappointed risk commissions have been dealt with separately inside and outside of super. The Self Managed Super Fund Professionals’ Association (SPAA) has today welcomed the announcement of the detail of the Federal Government’s Future of Financial Advice (FOFA) reforms which seek to improve the […]

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