MetLife releases Value of Life Insurance report

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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

Getting your insurance, right?

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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

CBA announces sale of general insurance business

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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

How poorly considered insurance can leave a spouse short-changed

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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

PPS Mutual unveils innovative underwriting offer, saving Members valuable time

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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

TAL’s Claims Assist extended to meet changing customer expectations

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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

Centrepoint Alliance offers flexible fees to support part-time workers

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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

Life Industry come together to launch ‘first ever’ industry wide Professional Standards Framework

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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

What’s ahead for the evolution of life insurance products

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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

Synchron issues urgent call for life insurers to clarify responses to new Unfair Contract Terms regime

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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