CommInsure and Asteron have been revealed as the most widely used life insurance providers appearing on advisers’ and licensees’ approved product lists.
This was one of the key findings from CoreData’s 2011 Risk Survey, whose main results have been released this week.
The survey also confirmed that, for the first time, the volume of electronic life insurance applications has exceeded those submitted in hard copy. This finding reflects other research undertaken by Munich Re, as we reported last week (see: Electronic Insurance Proposals Overtake Paper Applications).
Other key results from the CoreData survey, based on feedback from around 1,600 advisers, included:
- The majority of financial advisers (61.0%) anticipate increasing the amount of insurance written with their main provider over the next 12 months, much higher than in 2010 (48.8%)
- Almost one third of advisers (29.9%) expect to boost the amount of insurance written with their main risk provider by more than 20%, compared to just 20.8% last year
- This year, a quarter of advisers (25.1%) wrote more than $100,000 in new risk premiums, up from 21.2% last year, representing a shift in client mind sets following the GFC
- Around two fifths of all new risk business is written insider superannuation (44.5%)
- Around one third of risk new business is written via platform (32.8%). The most popular platforms for writing new risk business are Colonial FirstChoice (23.3%), OnePath OneAnswer (16.3%) and MLC (15.7%).
Kristen Turnbull, CoreData’s Head of Advice, Wealth and Super, commented: “The increased focus on risk insurance that we witnessed during the GFC continues in 2011, providing further evidence of the counter cyclical nature of insurance and hence the diversification benefits for advisers offering risk advice to clients.
