The hectic round of product and services initiatives from the insurance companies continues, with AMP and TOWER Australia’s updates becoming effective this week, while others such as AIG Life and BT/Westpac Life become effective shortly.
Advisers should gear themselves for the next set of product and services initiatives around March/April 2009, but to keep you up to date, the following details summarise the most recent and forthcoming updates:
- 27th October 2008: MLC product enhancements/underwriting initiatives/Level Premium Guarantee (completed)
- 27th October 2008: AXA – enhancements to the AXA Insurance offer (completed)
- 10 November 2008: Asteron and Suncorp Lifeguard product update, including progressive roll out of Asteron Lifeguard EQ electronic application and underwriting package (completed)
- 10 November 2008: CommInsure product update – SPDS releases for PIP and Total Care Plan Super (completed)
- 17th November 2008: TOWER rates and features update – TOWER Protection Policy (completed)
- 17th November 2008: AMP product features enhancements (completed)
- 17th November 2008: Accelerated Protection Policy (TOWER) – major update (completed)
- 1st December 2008: Westpac Protection Plans/BT Life Protection Plans – major update
- 1st December 2008: AIG Life Priority Protection – major update
The whole aim of LIF is to make it harder for consumers to get professional advice, so they make purchase decisions based purely on advertising, and end up with dodgy direct products that don’t pay claims. (Otherwise known as “junk insurance”)
This is a terrible outcome for consumers. Those consumer groups who have sided with the insurers to lobby for these changes should hang their heads in shame. They have sold out the very people they are supposed to be protecting.
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