Philip Kewin

As demand grows for the availability of risk products on platforms, HUB24 advocates that a choice of insurers is important for advisers and their clients given the significant price and feature differences of many products.

In response to this demand, HUB24 is pleased to bring a third retail insurance provider to its market leading super and IDPS platforms. Zurich’s Wealth Protection product complements the existing personal insurers TAL and AIA providing another choice for advisers and their clients.

“Modern platforms like HUB24 are maturing into broader structures that are committed to providing more choice for advisers. Advisers have always had a choice of insurer for their clients outside of platforms and now seek the same choice for their clients within platforms to take advantage of an end-to-end solution. Typically, platform insurance offers have been limited to the ‘house brand’ denying clients an efficient solution with real choice.  Advisers bring their own risk expertise to assist clients, to give them the best options that suit their personal needs.” said Andrew Alcock, Chief Executive Officer, HUB24.

“Zurich’s insurance offering has won major industry awards and we’re pleased to add another quality risk provider for access through HUB24 inside or outside superannuation.”

“Like our other insurers, Zurich is making a solid commitment to working in partnership with us and dealer groups to provide exceptional service to our advisers and their clients.” said Andrew.

Zurich’s General Manager, Retail Life & Investments, Philip Kewin, also acknowledged the importance of the partnership, which comes at a time when household budget pressure is increasing the appeal of platforms to consumers.

“From a client’s perspective, the cash flow advantages of holding cover on platform are becoming increasingly appealing,” said Mr Kewin.

“With an estimated 40% of individual risk premiums now written through platforms, we believe the timing of our new partnership with HUB24 is perfect.

“Zurich was recently announced as the joint winner of Canstar’s Outstanding Value award for life insurance, and we are pleased to be able to bring such a quality offering to users of the HUB24 platform.

Thanks to this partnership, advisers now have more ways to deliver quality risk advice to clients, affordably and efficiently,” he said.

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Commenting on the record results, AIA Australia CEO, Peter Crewe, said: “AIA Australia continues to support AIA Group’s strong results and record performance as AIA leverages its leadership position in the world’s fastest-growing insurance markets. These results reinforce AIA’s strength in Australia and across Asia-Pacific, as the leading pan Asian, independent life insurer.” 

AIA Australia cements position as #1 in group and fastest growing in retail 
According to the September 2012 Plan for Life market overview report* , AIA Australia achieved 9.7% annual growth, maintaining its position as the number one group life insurer by market share and the title of fastest growing retail life insurer. 

For individual risk lump sum sales, AIA Australia achieved annual growth of 48.3%, outstripping the market growth rate of 15.6%. As a result, total lump sum Inflows grew by 24.3%, more than double that of the market.

“The last three years have been exceptionally strong in terms of performance and growth for AIA at a group level and here in Australia and we are continuing to invest in the business to ensure we support the needs of our partners and clients. Our independence and unwavering commitment to our partners in the group, retail and direct markets continues to be an attractive proposition. We’re ultimately focused on helping people lead healthier lives, to prevent illness and injury and support Australians in their time of need,” Mr Crewe concluded.

*Fastest growing individual risk inflows and sales to year end September 2012. Source: Plan For Life Market Overview, Life Insurance Risk Premium Inflows & Sales Year Ended September 2012. Release 11 January 2013

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However, for those of us attempting not go too overboard, it appears our working lives are getting in the way of these healthy intentions.

Respondents of the AIA Australia Healthy Living Index Monitor, a survey of more than 1,500 Australian adults, put this down to free snacks in the office (25%), office location/long commute (22%), after work socialising (18%), networking events and cocktail parties (12%) and client lunches (9%), all of which look set to be magnified during the festive season. 

A lucky few might be winding down over the next few weeks, but for most there is likely to be a mad dash to meet pre Christmas deadlines. According to AIA Australia’s survey, half of Australians already feel their workload hinders them from eating healthily or exercising, and this perspective is stronger among younger generations. Most (7 out of 10) Australians believe companies should be doing more to promote healthy living to employees.

Damien Mu, General Manager of life insurance at AIA Australia said, “Sticking to healthy habits in the work place can be difficult but considering this is where we spend the a major part of our day so it’s an important issue to address.”

Interestingly more Gen Zs (17%) and Gen Ys (16%) rated ‘good health helps me perform better at work’ as a motivator for leading a healthier lifestyle compared to 13% of Gen X and 9% of Baby Boomers. When respondents were asked on negative influences on their healthy eating habits 18% said their colleagues were a negative influence.

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