Integrity Life Names Retail Product Launch Date

Start-up life insurer, Integrity Life will launch its retail products to advisers at the start of October and has recruited a senior executive from TAL to head up its product distribution to financial advisers.

Integrity Group Managing Director, Chris Powell

Integrity Life Chief Executive, Chris Powell told Riskinfo that retail products would be soft launched to a group of 50 specialist life insurance advisers in September prior to a wider October release to all advisers.

“We are going with a soft launch initially because during the product development phase we have engaged with a group of financial advisers who have worked through the pain points they and their clients suffer when engaging with life insurers,” Powell said.

He added that the advisers involved in the design and development of the retail advised products will provide final stage feedback to Integrity Life in the period between the soft launch and wider release to all advisers.

Powell said Integrity Life would provide advisers with a full range of life insurance products built from the ground up by the insurer, and all product design, underwriting and claims management would take place in house.

“We found that advisers and their clients suffered from pain points…and so we created purpose-built systems to deal with these issues”

“We found that advisers and their clients suffered from pain points through the application, underwriting and claims processes and back-office and administration systems of many insurers and so we created purpose-built systems to deal with these issues,” Powell said.

“Consideration was given to off-the-shelf systems but we found they were too ‘institutionally orientated’ so we built our own,” he said, adding that re-insurance was the only component of the product offering that would be supplied by a third-party.

The distribution of life insurance products to advisers will be overseen by former TAL Head of Clients and Market Development, Suzie Brown who has taken on the role of General Manager, Distribution at Integrity Life.

After announcing its intention to launch retail products earlier this year (see: Start-Up Insurer Plans Move Into Retail), Powell said the insurer’s first offering of group life cover had been picked up by a number of corporate super funds and some smaller public offer funds were examining the product for use by their members.

Integrity Life will launch a direct product after the rollout of the retail advised product but will only focus on life insurance product with Powell adding that products such as funeral insurance had damaged the industry and would not be offered by the insurer.