The product initiatives released by the life companies during the second half of 2009 has reached nowhere near the intensity of activity experienced in the December quarter last year, as we look ahead to what may be in store for 2010.
A number of enhancements have been announced within the group insurance sector over recent months, including product and technology initiatives, as well as new arrangements being struck with industry funds.
On the retail side of the equation, the major product launches in the second half of 2009 included:
- Launch of AXA’s Elevate: AXA’s Elevate Product Upgrade
- Major BT Insurance Upgrade: BT Insurance Product and Services Update
- TOWER Re-launch: TOWER Launches Accelerated Protection
Other product and technology initiatives have included:
- AIA product upgrades and launch of eApp Express
- Asteron product and services update
- Enhancements for Aviva Protectionfirst and Riskfirst
- MLC Product Upgrade
2010
Looking ahead to 2010, riskinfo understands there will continue to be a trend amongst the life companies to expend a lot of their energy and resources not just into product and online application and underwriting technology, but also into the development and implementation of ‘value-added’ services for the client.
The purpose of offering new value-added services for clients is to present a clear ‘differentiator’ for the adviser as to why they should place their client’s business with that insurer.
Recent excellent examples of these value-added client services include:
- The launch of Asteron’s Asteron Life! initiative, which is a health and well-being program designed for all Asteron policy holders
- The Australian launch of MLC’s Best Doctors service, designed to provide expert medical advice and peace of mind to MLC trauma insurance policy-holders and their families at any time, but especially when needed most
Claims and underwriting services will continue to be placed at front of mind by the insurance companies when it comes to ‘listening to adviser feedback’, as each insurer continues to streamline and facilitate the client experience in these areas.
The impact of the 11 Ripoll Inquiry Recommendations will be felt, irrespective of whether any or all of the Recommendations are implemented, as the insurance companies position themselves in anticipation of the changes that may be made.
This may be manifested by insurers embarking on campaigns to convince advisers that their product and service proposition presents a compelling solution for advisers in terms of their fiduciary duty to serve the best interests of their clients.
The insurers may also campaign on how potentially re-vamped product pricing structures will accommodate any remuneration model that advisers may or must adopt in future.
