- RiskLogic Upgrade Includes Legacy Products;
- AFA Life Insurance Roadshow;
- Synchron Positioning for Growth;
- Cbus Appoints TAL as Group Insurer;
- Hannover Life Continues Mental Health Support
RiskLogic Upgrade Includes Legacy Products
AdviserLogic has launched an upgrade of its RiskLogic software, including new legacy product research from Rice Warner.
Along with a new user interface, AdviserLogic has introduced enhanced product analysis functionality, allowing advisers to quote and research more than 1,200 insurance products. The new dataset from Rice Warner allows advisers to compare the features of a client’s legacy policy with a recommended product in order to simplify and speed up SoA preparation.
The RiskLogic upgrade also includes the ability to quote on multi-life discounts, adjust premiums for commission rebating, flexi-link products and create premium projections for clients.
Alastair Adamson, Consultant at Rice Warner, said: “We are pleased to be working with AdviserLogic on this exciting update. Rice Warner has been working in the Australian insurance industry for three decades, and we pride ourselves on the breadth, depth and accuracy of the insurance data. Our staff have a depth of knowledge of Retail Insurance, Group Insurance and Superannuation that allow us to keep at the forefront of research.”
AFA Life Insurance Roadshow
The challenges and opportunities arising from the new Life Insurance Framework will be explored in a national roadshow series, to be hosted by the Association of Financial Advisers later this month.
Under the heading ‘Facing Into Transition’, the roadshows will feature AFA Adviser of the Year 2014 Finalist, PJ Byrne, Elixir Consulting’s Sue Viskovic, Organisational Psychologist, David Peake, and well-known industry expert, Russell Collins.
“Advisers have told us that they need support to adapt to the proposed changes. They want the opportunity to workshop how to most successfully use hybrid commissions, how to help clients accept a separate advice fee, perhaps alongside a commission, and how to deal with the three year clawback danger,” said AFA CEO, Brad Fox.
“The workshop event will conclude with an interactive Q&A session with the panel of experts and a senior representative from each of the roadshow partners – AIA, TAL and Zurich – who are all supporting advisers by partnering with the AFA on the roadshow.”
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Synchron Positioning for Growth
Despite the challenges presented by the introduction of the Life Insurance Framework (LIF), independent licensee, Synchron, is expecting an increase in its adviser numbers by the end of the year.
According to Synchron Director, Don Trapnell, the LIF heralds a new direction for the industry, but he believes advisers need to adjust to the new model. He said one of the changes he expects to see as a result of the LIF is that more advisers will be looking for non-institutional homes.
“Synchron has a close connection with its advisers and whatever direction the industry takes we will not lose that connection. We believe our model will be very attractive to other advisers in a post-LIF world,” Mr Trapnell said.
Synchron will be examining the impact of LIF on its business models, future revenues and adviser sentiment at its Management Planning conference in September.
“We hold Management Planning conferences every two to three years and as we have done in the past, we are bringing together senior external executives and senior Synchron advisers to provide us with insights into the direction they believe we should take, what we’re doing right and what we’re doing wrong – in particular, what needs to change. This time our focus will be on how to succeed in the new environment.”
Cbus Appoints TAL as Group Insurer
Cbus Super has announced the appointment of TAL as its new group insurance provider.
Following a competitive tender process, Cbus selected TAL to take over the provision of group life insurance to its 720,000 members from Hannover Life Re.
As part of the tender process, Cbus said it was able to preserve its current premium rates, as well as key terms and conditions ensuring insurance cover is accessible for its core membership.
“We are very pleased that the competitive process has resulted in no increase in premiums in a continuing tight insurance market, while maintaining our commitment to members of providing accessibility, and fair and reasonable claim assessment terms,” said Cbus CEO, David Atkin.
“But the distinguishing piece for us in TAL’s tender was their capacity to partner with us to achieve our strategic goals of providing a member-centric experience across the Fund’s services.”
Hannover Life Continues Mental Health Support
In related news, Hannover Life Re has announced it will continue its partnership with mental health initiative SuperFriend for a further five years.
SuperFriend is a national initiative aimed at improving the mental health and wellbeing of industry superannuation fund members, employers and staff. Hannover Life Re has been an active supporter of SuperFriend from its beginnings in 2006. The insurer has also contributed to the development of SuperFriend’s Best Practice Guidelines for the Management of Psychological Claims for the Group Life Sector, which is due for release in the coming months.
Gerd Obertopp, Hannover Life Re’s Managing Director, said the partnership with SuperFriend helped the insurer in helping to better educate staff and the broader industry around early intervention for mental illness.
“SuperFriend have done outstanding work over the years with our business as well as partner funds, employers and members, providing initiatives that are evidence-based and focused on preventing mental ill-health and suicide,” said Mr Obertopp.
Over the next five years, SuperFriend will continue to expand the number of workplace mental health and wellbeing programs being delivered into workplaces, undertake research and translate the evidence into practical applications for a range of target audiences and continue the promotion and communication of mental health and wellbeing information.
