News in Brief

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  • RI Advice Launches Cashflow Solution;
  • AMP Insurance Tracking to Plan;
  • UHG Acquisition

RI Advice Launches Cashflow Solution

ANZ-owned RI Advice has launched a new Cashflow Management Solution to its adviser network.

The solutions is designed to help advisers provide cashflow management support to their clients, a need which RI Advice CEO, Darren Whereat, said is largely unmet in the Australian market.

“For many people, reviewing their finances is a daunting prospect, yet, strong cashflow management is the cornerstone of an effective financial plan. Up until now, the traditional process to actively manage cashflow has been onerous for both clients and advisers. To help with this, we have developed a customised version of Moneysoft’s automated cashflow software,” Mr Whereat said.

“Using the automated aggregation and categorisation tool with simple reporting, advisers can help clients to understand their spending patterns and achieve a balance between debt management and wealth accumulation.”

The program is being rolled to the national RI Advice Group network of more than 170 advisers, as part of the group’s commitment to quality financial advice using technological innovation.

AMP Insurance Tracking to Plan

AMP’s insurance business has continued to perform ahead of best estimate assumptions, according to the latest results announcement from the wealth manager.

Delivering the company’s third quarter cashflow report, AMP CEO, Craig Meller, said lapse experience across AMP’s insurance business was in line with best estimate assumptions for the period, and claims experience continued to perform ahead of best estimate assumptions, as outlined in AMP’s 2013 Financial Year announcement (see: AMP Results Prompt Insurance, Advice Initiatives).

Annual premium in-force grew by 6.2% in the third quarter of 2014, reaching $1.935 billion, compared to $1.821 billion in quarter two. Growth was primarily driven by a 4.6% increase in individual lump sum insurance and a 16.6&% increase in group risk insurance as a result of premium rate increases, the company reported.

“This continues our solid momentum across the business. Our current range of products are performing well, the focus on Asia continues to deliver results and the performance of our insurance business is in line with guidance,” Mr Meller commented.

UHG Acquisition

Unified Healthcare Group (UHG) has acquired medical requirement specialist, Recovre Medical, including the Medico Legal Opinions (MLO) business, from the Recovre Group.

UHG said the MLO service, which provides independent medical exams, reviews and education through a panel of over 500 specialists, will continue to operate as an independent entity, retaining its current brand, but will now benefit from UHG’s additional investment and focus on innovation.

Recovre Medical’s ancillary services, including pre-employment health assessments and other occupational health services will be integrated into UHG’s operations in New South Wales.

UHG Executive Manager, Sales and Marketing, Rob Bild, said the acquisition, which took effect from 1 October, was in line with UHG’s strategic purpose of connecting businesses and healthcare providers more effectively.

“Having access to a network of high quality medical specialists in a climate of rising claims enables us to provide a broader claims solution for our clients supported by our proprietary technology platform, medEbridge,” Mr Bild said.



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