Platform risk sales continued to grow strongly in 2010, according to a report issued by Investment Trends, which also found a growing proportion of advisers writing some risk via platforms.
The Investment Trends Planner Risk Report found that average life insurance premiums per adviser grew by more than 30% in 2010.
… almost 80% of advisers now write some of their insurance via a platform
According to the report, almost 80% of advisers now write some of their insurance via a platform. CFS First Choice and MLC Masterkey were found to be the most used platforms, although ING’s (now OnePath) OneAnswer was rated as the best platform.
“MLC Masterkey and ING OneAnswer were the 2010 stand-outs for growth in adviser usage for risk ” said Tim Cobb, Investment Trends Advisory Board member. “The key enhancement requested by advisers is still for platforms to allow a choice of insurer. This has been strongly resisted by all platforms until very recently.”
The results also indicated that OnePath and Asteron are the preferred insurers, and that IRESS Market Technology is the most popular risk advice software.
The Investment Trends Planner Risk Report covers life insurers, risk business on platforms and planning/risk software used by advisers. More than 800 advisers participated in the survey, where 9% held their own AFSL’s, while the broad range of dealer groups represented included AMP, Westpac, PIS, Securitor, Garvan, Millennium3, Count, Financial Wisdom and Charter.
