Introduction Compounding the impact of ongoing licensee consolidation and new professional development requirements, the LIF driven reshaping of adviser remuneration for life insurance advice – in the form of lower up-front commissions and higher renewal commissions – has left many advisers no choice but to rethink, and, in many cases, fine tune their business models. […]
continue readingLife insurers have responded to a call from Synchron to step up in the face of the coronavirus pandemic. Synchron Director Don Trapnell wrote to the CEOs of each life office last month, asking them to take a leadership position in relation to people facing financial hardship brought on by COVID-19. “I was very concerned that […]
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14
May
2020
Introduction In Australia – and around the world – life insurance is a vital part of the ecosystem that helps protect the financial, emotional and physical wellbeing of individuals. That ‘protection’ ecosystem includes privately provided life and health insurance, superannuation, and social protection mechanisms (such as Medicare, Centrelink, the NDIS and workers compensation) and the […]
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14
Apr
2020
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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17
Mar
2020
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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03
Mar
2020
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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03
Mar
2020
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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12
Feb
2020
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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30
Jan
2020
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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14
Jan
2020
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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13
Dec
2019
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