The first round of product and services updates for the year has taken place over recent weeks, with Zurich, Aviva, AIG Life and AXA all implementing product, technology and/or services initiatives.
2009 is unfolding as expected, with fewer specific product innovations than in previous years, as the companies balance across-the-board budget tightening against the need to continue to differentiate themselves from their competitors, particularly in a booming life insurance market.
Areas of focus to date have been on enhancing underwriting processes and increasing mandatory limits, sharpening rates in key market segments and the ever-present effort to utilise technology to make it easier for advisers and their clients to do business with the insurer.
The following details summarise a number of current and future product and services initiatives planned by the life companies:
AIG Life
- Technology update 31 March 2009. Main update for the year scheduled for November 2009, following November 2008 initiatives.
AMP
- Product update second half of 2009, TBC
Asteron
- Underwriting services enhancements May 2009. Product update 3rd quarter 2009.
Aviva
- 2 April 2009 update. Initiatives reflecting current market conditions.
AXA
- 6 April 2009 update focusing on enhancing underwriting processes and services
BT Life
- To be advised
CommInsure
- To be advised
ING Australia
- Product/technology update May 2009
Macquarie Life
- Mid May 2009 product update
MLC
- Product update scheduled for October 2009
TOWER
- Product update second half 2009, TBC
Zurich
- 1 April 2009 update, covering technology initiatives, premium rates and product enhancements
