Weekly Life Insurance News RoundupSeptember 3rd, 2012 | Posted by in News
Suncorp consolidates on IT Building Blocks
Suncorp is ramping up work on a second modernisation program after bedding down its three-year Building Blocks program ahead of schedule. Building Blocks aimed to simplify Suncorp’s banking and insurance businesses by removing duplicate CRM, HR, finance, claims, and pricing systems with an annual savings target of $235 million from 2013. Pancino said the company planned to consolidate 14 insurance policy mainframe systems into one, while re-engineering platforms to support a 2.5-year-old push to drive more life insurance sales through direct channels.
Why insurance is critical when SMSFs borrow to buy property
Damian Revell explains the importance of insuring the members when a SMSF borrows to buy property and assesses the policy ownership options. Many self-managed super funds (SMSFs) that have used a Limited Recourse Borrowing Arrangement (LRBA) to acquire a property have little or no other assets in the fund.
Crescent Capital lifts bid for ClearView to 55c a share
AUSTRALIAN private equity firm Crescent Capital Partners today lifted its $245 million takeover offer for listed financial services firm ClearView Wealth, a person familiar with the matter said.
Clearview endorses suitor’s $245m bid
THE board of Clearview Wealth has thrown its support behind a private equity bid after major shareholder Guinness Peat Group gave its blessing to a revised $245 million offer.
Game of cat, mouse and man
DEAR OnePath Life Insurance broker, this is difficult to put into words. We’ve shared so much in the past few weeks.
Right decision comes at a premium
Amendments were made recently to the regulations governing self-managed super funds. Before the changes to the Superannuation Industry (Supervision) Act were made, there had been no legal requirement for what the ATO regarded as best practice operating standards for SMSFs. The changes had been prompted by recommendations made by the Cooper Super System Review. The biggest change introduces a requirement for trustees of an SMSF to consider life insurance for members.
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