MetLife Australia has released a new report on the role of the life insurance industry for individuals, the economy and society. The Value of Life Insurance report provides policy makers, regulators, industry participants and other stakeholders with information about the positive impact and contribution of the sector, and is a further step towards increasing financial literacy for... Read more continue reading
07
Jul
2021
What will happen to your income if you are injured or ill and cannot work? How long can your cash reserves last for if you are injured or ill and cannot work? Can you still afford to pay all your bills if you cannot work for one month? Three months? Or six months? What happens... Read more continue reading
23
Jun
2021
Commonwealth Bank of Australia (CBA) has announced it has entered into an agreement to sell its Australian general insurance business (CommInsure General Insurance) to the Hollard Group (Hollard), and establish an exclusive 15-year strategic alliance with Hollard for the distribution of home and motor vehicle insurance products to CBA’s retail customers in Australia (the Transaction).... Read more continue reading
22
Jun
2021
When most people think about personal insurance, they think it is important to insure the main income earner of the household. Just because a spouse may not be earning an income does not mean that they don’t need to be insured. Based on research by the Australian Institute of Family Studies (AIFS), 39% of families... Read more continue reading
18
Jun
2021
PPS Mutual has announced an innovative underwriting solution to optimise existing Member experience for time poor professionals when applying for certain risk insurance products. PPS Mutual Members who hold in-force Income Protection benefits are now eligible to apply to add or increase Life, Total and Permanent Disability (TPD) or Trauma cover without requiring mandatory medical... Read more continue reading
18
May
2021
Leading life insurance specialist, TAL, has announced its customer focused Claims Assist digital service has now been rolled out to more superannuation fund partners to help their members more easily manage their claims. Seven of TAL’s superannuation fund partners are now offering their members access to the digital service, which complements the services and expertise... Read more continue reading
05
May
2021
Centrepoint Alliance has announced a new fee structure for financial advisers who choose to work part-time, breaking new ground in the Australian market. The latest research from Roy Morgan shows part-time work is a growing trend, with over 4.3 million Australians currently employed on a part-time basis[1]. Yet according to Paul Cullen, Group Executive Advice... Read more continue reading
28
Apr
2021
As part of a shared commitment to unifying professional standards and further enhancing industry trust and confidence within the community, Australia’s life insurance industry has announced the development of an industry-wide Professional Standards Framework. Jointly developed and committed to by Australia’s leading life insurers, the framework formalises standards for professional excellence by implementing a consistent... Read more continue reading
22
Apr
2021
To ensure the life insurance sector is sustainable for all Australians, it is essential that we bring progressive thinking and have a long-term sustainable vision for the future. Across the industry over recent years, we have seen an increase in the cost of claims and, consequently, price increases which have had lasting impacts for both... Read more continue reading
24
Mar
2021
Synchron is issuing an urgent call to life insurers to clarify how they will treat policies that lapse, change ownership, change premium structure, or need corrections, under the new Unfair Contract Terms (UCT) regime, due to come into effect on 5 April, 2020. Synchron Director, Don Trapnell, said, “Our understanding is that lapsed policies, policies... Read more continue reading
19
Mar
2021
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