CPD: Halley’s Comet and Life Insurance economics 101

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Edmund Halley (1656 – 1742) was a remarkably talented man of science, who made important contributions to mathematics, physics, and of course, astronomy. A peer of Sir Isaac Newton (apple, gravity etc), Halley’s most public legacy is the comet named in his honour after he correctly predicted the frequency of its appearance (roughly every 75... Read more continue reading

Good insurance advice helps in your time of need

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A good Financial Adviser will devise a strategy that will protect you when you need help. Personal insurances recommended correctly will protect your most valuable asset – you and your ability to earn an income. In the past month, I helped a long-standing client to claim on a trauma (also known as critical illness) policy.... Read more continue reading

Access denied: regulatory disruption making it harder for Australians to obtain life insurance

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New research released by industry campaign Choice & Access to Life Insurance (CALI) warns that if governments and regulators fail to act, then underinsurance will continue to increase across parts of the community as access to advised life insurance becomes further limited. Middle to low income earners, who the research shows already to be underinsured,... Read more continue reading

CPD: Life Insurance 2030 – the products of the future

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Introduction Competitive forces within the Australian life insurance market have long underpinned a strong culture of innovation amongst insurers. Recognising an imperative to improve the way customers and financial advisers access – and engage with – life insurance, the last decade has seen extensive insurer investment across areas such as process automation, data analytics, and... Read more continue reading

In a bind? Traps in binder agreements

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Binder agreements are regularly entered into by insurance agents or brokers who are seeking to offer insurance on behalf of the insurer. A party that holds a binder will perform certain functions for and on behalf of the insurer including issuing policies and handling administration including variations, endorsements, cancellations, and claims. Beyond the operational considerations... Read more continue reading

CPD: Claims Advocacy – from ‘value add’ to core advice offering

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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.... Read more continue reading

Life insurers respond to Synchron’s call

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Life 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... Read more continue reading

CPD: Protection in times of disruption – reframing the context for life insurance advice

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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... Read more continue reading

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... Read more continue reading

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... Read more continue reading