Meray El-Khoury

DASH Technology Group (“DASH”) and MetLife Australia (“MetLife”) have partnered to create a new insurance solution that utilises technology to simplify how insurance is offered and applied for by Super Simplifier^[1] customers. The solution leverages the cutting-edge DASH platform to streamline the insurance process for advisers.

The insurance solution utilises DASH’s investment platform to provide advisers with immediate access to quote, apply, view, and alter client insurance details, powered by the MetLife online application system.

Super Simplifier offers customers three life insurance options via MetLife:

1. Life and Terminal Illness cover
2. Total and Permanent Disablement (TPD) cover, and
3. Income Protection (IP) cover.

The MetLife insurance offer is designed specifically for members of Super Simplifier to include features such as:

• Up to 75% replacement ratio plus up to 10% superannuation contributions for IP cover^[2];
• TPD payments do not offset IP payments; and
• Access to MetLife’s health and wellbeing offering, 360Health.

DASH Head of Distribution, Tim Rogers, says, “This insurance product is a simple, advised solution that is aimed at addressing the under-insurance problem amongst Australians.

“Many advisers have left the personal insurance advice space in more recent years due to growing complexity, but with this solution now in the market, they can deliver much needed personal insurance advice to everyday Australians who need it.”

Meray El-Khoury, Chief Insurance Officer, MetLife Australia, says, “We offer fit for purpose insurance products that are easy to access and deliver value, by leveraging digital solutions to help our customers build a more confident future. Working with DASH means we are able to make it quick and easy for advisers to secure insurance for their clients.”

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Notes:
[1] Super Simplifier issued by Equity Trustees Superannuation Limited (ETSL) ABN 50 055 641 757 AFSL 229757, is a personal superannuation account enabling you to build your preferred investment strategy in consultation with your authorised Financial Adviser.
[2] Subject to the minimum and maximum monthly benefit amounts.

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“It is very well documented how much an SOA is disliked by advisers and their clients. It hasn’t been fit for purpose for some time, so this move is a long-awaited breath of fresh air.” Says Tim Rogers, Head of Distribution at DASH.

Advisers have long been burdened with legislative requirements, lifting this means for the first time in 10 years advisers can focus solely on client centric records of advice.

“We have been anticipating this shift for some time. It is the only logical way to minimise the administration burden created by a lengthy compliance document that has been masquerading as an advice document.” Continues Rogers.

“Starting from the drawing board lets advice practices take heed and see what is really going to work for them, their clients, and their business. This will allow creativity and innovation to come back into the advice process, and result in a more engaging and scalable approach to advice.”

DASH already has a digital advice delivery tool in the market, aimed at taking away the compliance burden and making advice more accessible. In some cases, by eliminating the need to physically present the advice, advice becomes more accessible by providing clients the option to review the recommendations in their own time.

Technology allows these digital documents to be time stamped when read, have inform consent, incorporate adviser videos throughout, or digital avatars for those utilising AI in their business.

Rogers says “This is a win for record keeping and compliance. What’s also exciting about this tool is the fact it goes one step further – it then executes the advice recommendations upon the client signing.”

Further to this, DASH is part of a consultation committee with the Financial Services Council, assisting in how to practically move forward as an industry to provide advice to the majority of Australians.

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