Our breaking news that ClearView’s ClearChoice product offer will remain open for business following Zurich’s announcement of the formal completion of its acquisition of ClearView Wealth attracted significant reader interest this week…
ClearView’s ClearChoice product offer will remain open for business following Zurich’s announcement of the formal completion of its acquisition of ClearView Wealth.
Having achieved a raft of regulatory approvals from APRA, ACCC and the Supreme Court of NSW, together with sign-off by ClearView shareholders, the combined entity – according to Zurich MD, Justin Delaney, heralds “…the creation of one of Australia’s largest and fastest-growing life insurers at a time when advice-led protection, prevention and financial security has never been more important.”
Zurich’s Head of Retail, Tim Kane, confirmed to Riskinfo the insurer was on target to combine what will now be three distinct product offers (Zurich, OnePath Life and ClearView) onto a single digital platform by early in the second quarter of 2027. With that milestone achieved, Kane says the second main target is to complete a full migration program of ClearView business onto the Zurich platform by October next year.
In the meantime, Kane emphasised it would remain ‘Business as Usual’ for advisers writing ClearView life insurance business for at least the next six-to-nine months: “They’ll continue to deal with their Clearview BDMs and the way that they acquire a Clearview policy will be the same,” said Kane, who concluded:
““Across all three propositions, we will continue our significant investment in leading technology and people to ensure we are meeting the evolving needs of customers and advisers and delivering the outstanding service we are known for.”
Riskinfo will continue to report progress of the ClearView integration to Zurich as key milestones are met.
If I was still a Clearview adviser, I'd be worried. Guarantees Of 6 to 9 months is sheer tokenism, just to calm the horses
Then of course there's the fabulous amalgamation of Clearview products into the Zürich mainframe. Good luck with that
For any advisers who are worried about the continuation of the high quality Clearview products, keep your eye open for subtle or even unannounced changes to key definitions in the next Clearview product update i.e. A tightening of the definition a stroke in their trauma policy, and more restrictive changes to the offset clauses in the income protection productWill be on the cards.
My money is on both of those issues attracting additional severity, Beccause to leave them as they are would be inconsistent with the Onepath and Zürich offerings and the demands of the reinsurer's.
It's just the way it happens and no amount of spin can cover the intentions of the mother insurer
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