The Australian Securities and Investments Commission (ASIC) report into life insurance advice has prompted insurer Zurich to establish a new partnership with insurance coaching specialist, 19Thirty.
While much of the market reaction to the ASIC report has been focused on adviser remuneration, Zurich notes that the report also acknowledged the vital role advisers play in addressing underinsurance.
Head of Sales Strategies and Research for Zurich’s Life and Investments business, Andy Marshall, said the report stressed “…a clear need for programs which strengthen adviser skills in engaging clients, making strategic recommendations, and improving consumer financial literacy”.
“Our partnership with 19Thirty is predicated on the notion that by increasing the number of advisers actively providing life insurance advice – and by helping strengthen the quality of that advice – consumers will be encouraged to seek expert help, rather than simply relying on default coverage, or worse still, doing nothing,” Mr Marshall said.
The Melbourne-based insurance coaching business, led by Melissa Crawford, will develop a series of workshops for Zurich, called ‘Cracking the Life Insurance Code’. The practical workshops, each worth 18 CPD points, will cover the steps needed to build an effective insurance strategy, philosophy and process.
…by increasing the number of advisers actively providing life insurance advice… consumers will be encouraged to seek expert help
Ms Crawford, who is also an adviser and has worked in various industry roles including underwriting and claims, said her ultimate goal in creating 19Thirty was to turn everyone into an advocate for life insurance.
“That aspiration of supporting advisers in developing strategy and process around life insurance so they can deliver on this promise for all Australians is something I’m incredibly passionate about and so the culture of Zurich was an important element in this partnership,” she said.
“There’s been a meeting of minds and a genuine spirit of collaboration and shared passion around the end goal.”
The Cracking the Life Insurance Code workshops will run throughout 2015.
