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Weekly Life Insurance News Roundup

March 25th, 2012 | Posted by Editor in News

ASIC, FPA, and FOS address shadow shopper report
The FPA, ASIC and FOS have partnered to deliver a series of educational workshops for advisers to combat issues found in an upcoming ASIC Shadow Shop survey.

How commission-only selling ruined the sales profession
The United States has been responsible for many great innovations but not all have turned out the way the inventors, architects or innovators intended. One such miscalculation was the introduction of “commission-only” salespeople.

BT Insurance upgrades offer
“Underinsurance in Australia occurs because for many people traditional life insurance products don’t meet their needs. What we have done is create more flexible products that reflect the changes taking place in the market,” said Phil Hay, head of life insurance.

CoverAustralia Is Providing Australia Wide Service
The online life insurance broker, CoverAustralia is providing Australia wide services so everyone in Australia now has the opportunity to learn more about life insurance from their friendly and professional staff.

MySuper presents differentiation opportunity
Super funds and insurers have the potential to differentiate on its service and value proposition for MySuper.

Risk industry needs further improvements
Higher quality data records, a smoother claims process and simplicity are critical to the development of the life insurance sector.

Financial Services Council to develop policy on churning
The Financial Services Council (FSC) has announced it would consult with the industry on a policy to address the practice of churning in life insurance.

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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