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Weekly Life Insurance News Roundup

May 21st, 2012 | Posted by Editor in News

Optimistic outlook for industry growth: Research
New research from AIA Australia, has revealed that advisers are overwhelmingly optimistic on the 12 month outlook for the industry, seeing the most growth coming from families and the self employed.

Online life-insurance policies are uninformed
Alternative channels to accessing life insurance not involving a financial adviser present a key risk to Australians taking up policies as there is little to no advice being given. “Anyone can go online and take out an insurance policy – but is it exactly what they need, are there any pitfalls?” AMP head of product on-sale John Ashton told InvestorDaily.

Zurich expands Life and Investment team
Zurich Financial Services Australia has appointed Greg Della to the role of chief life actuary. Della will be reporting to Raf Uy, chief financial officer.

Lifewise takes insurance to new social sphere
In an effort to take Australia’s underinsurance issue to a whole new ‘social sphere’, consumer awareness campaign Lifewise has launched a digital photo sharing pin-board in conjunction with social media site, Mamamia, called The Time Capsule.

Brokers leaving money on the table
Brokers are leaving money on the table with borrowers, with fewer than half of consumers being offered risk products. The Commonwealth Bank and MFAA Home Finance Index has revealed that brokers are missing cross-sell opportunities with clients. The survey of borrowers, conducted by Core Data, found that only 42.9% of clients are offered home insurance, fewer than a third are offered life insurance and only 47% are offered loan protection.

Turf war breaks out over advice
CPA Australia and the Institute of Chartered Accountants are running a joint campaign to increase awareness among the public of the importance of allowing accountants to give strategic advice on super, life insurance, managed funds and bank products and shares.

‘Angel of the Gap’ Don Ritchie dies
Don Ritchie, the man who saved more than 150 people from suicide spot The Gap in Sydney’s east, has died aged 85. A former life insurance salesman, he said in the early years he physically restrained people from jumping while his wife called police.

Taxation review for capital expenditure
A review of taxation measures in place in the Australian Capital Territory has seen the ACT Government accept 26 of the review panel’s 28 recommendations noting one and rejecting another. Among the review’s recommendations were proposals to abolish stamp duty on real estate conveyancing; abolish duty on general insurance and life insurance policies.

Zurich seeks social platform for staff, partners
Zurich Australia is looking to bring together voice recordings, fraud analysis and videoconferencing on a “social business platform” that will be extended to its trusted business partners. The insurer will run a proof-of-concept trial of an integrated collaboration and customer relationship management (CRM) solution this year, with a view to deploying a full platform next year.

This material is not intended to constitute personal advice, and must not be relied on as such. This information has been prepared without taking into account your objectives, financial circumstances or needs. Before making a decision based on this material, you should consider the appropriateness of this material having regard to your own objectives financial circumstances and needs. You should consider obtaining independent advice before making any decision.

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