{"id":22101,"date":"2013-07-30T19:47:02","date_gmt":"2013-07-30T09:47:02","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=22101"},"modified":"2013-07-31T10:22:38","modified_gmt":"2013-07-31T00:22:38","slug":"adviser-solutions-to-address-industry-sustainability","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2013\/07\/30\/adviser-solutions-to-address-industry-sustainability\/","title":{"rendered":"Adviser Solutions to Address Industry Sustainability"},"content":{"rendered":"<div id=\"polls-100\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>What are your top five solutions to the issue of life industry sustainability?<\/strong><\/div><div id=\"polls-100-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Black-list serial churners <small>(16%)<\/small><div class=\"pollbar\" style=\"width: 16%\" title=\"Black-list serial churners (16% | 84 Votes)\"><\/div><\/li>\n\t\t<li>Create better policy retention initiatives <small>(16%)<\/small><div class=\"pollbar\" style=\"width: 16%\" title=\"Create better policy retention initiatives (16% | 84 Votes)\"><\/div><\/li>\n\t\t<li>Simplify policy upgrade processes <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Simplify policy upgrade processes (12% | 67 Votes)\"><\/div><\/li>\n\t\t<li>Restrict serial churners to level commission only <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Restrict serial churners to level commission only (12% | 67 Votes)\"><\/div><\/li>\n\t\t<li>Punish licensees who house serial churners <small>(12%)<\/small><div class=\"pollbar\" style=\"width: 12%\" title=\"Punish licensees who house serial churners (12% | 63 Votes)\"><\/div><\/li>\n\t\t<li>Make level premium offers more attractive <small>(11%)<\/small><div class=\"pollbar\" style=\"width: 11%\" title=\"Make level premium offers more attractive (11% | 62 Votes)\"><\/div><\/li>\n\t\t<li>Offer hybrid or level commission only <small>(10%)<\/small><div class=\"pollbar\" style=\"width: 10%\" title=\"Offer hybrid or level commission only (10% | 52 Votes)\"><\/div><\/li>\n\t\t<li>Remove upfront commissions <small>(6%)<\/small><div class=\"pollbar\" style=\"width: 6%\" title=\"Remove upfront commissions (6% | 32 Votes)\"><\/div><\/li>\n\t\t<li>Retain upfront commissions, but extend the clawback periods <small>(3%)<\/small><div class=\"pollbar\" style=\"width: 3%\" title=\"Retain upfront commissions, but extend the clawback periods (3% | 16 Votes)\"><\/div><\/li>\n\t\t<li>Offer level commission only <small>(2%)<\/small><div class=\"pollbar\" style=\"width: 2%\" title=\"Offer level commission only (2% | 13 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_100_nonce\" name=\"wp-polls-nonce\" value=\"c619151526\" \/>\n<\/div>\n\n<p>A huge response from advisers commenting on our breaking news story last week (see: <a href=\"https:\/\/riskinfo.com.au\/news\/2013\/07\/24\/adviser-remuneration-needs-to-change-life-insurance-ceos\/\">Renewed Pressure on Risk Commissions<\/a>) has prompted our latest poll, which asks advisers to vote on their preferred solutions to address industry sustainability.<\/p>\n<p><!--more-->The release last week of the 2013 FSC-DST CEO Report revealed that the number-one nominated solution offered by\u00a0CEOs to maintaining sustainability in the life industry was to change the remuneration of advisers and employees.\u00a0 This outcome clearly touched a nerve with the adviser community, where we received a vast array of comments and suggestions, many of which\u00a0offered their own contribution on to\u00a0how to solve the issue of sustainability.<\/p>\n<h6>It is not just one component that determines sustainability; everyone has a part to play<\/h6>\n<p>Many advisers hold the view that offering only level commissions is the answer.\u00a0 But an equal number strongly disagree with this option, particularly as it would create difficulties for new adviser entrants to the industry.<\/p>\n<p>Many suggest an outright banning of serial churners, while other advisers say that serial churners should only be able to access level commission.<\/p>\n<p>Others have focused on premium structures, rather than remuneration structures, amid calls to make level premium insurance a more attractive\/viable option for consumers.<\/p>\n<p>Where do you stand?\u00a0 How would you solve the serious issue of life insurance industry sustainability?<\/p>\n<p>One thoughtful adviser offered the view that:\u00a0 &#8220;It is not just one component that determines sustainability; everyone has a part to play.&#8221;\u00a0 We agree.\u00a0 So, this poll is asking you to select your top five solutions to address industry sustainability.\u00a0 All of the\u00a0options offered in this poll have been suggested by advisers.\u00a0 We value your thoughts&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A huge response from advisers commenting on our breaking news story last week (see: Renewed Pressure on Risk Commissions) has prompted our latest poll, which asks advisers to vote on their preferred solutions to address industry sustainability.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,49,270],"tags":[],"class_list":["post-22101","post","type-post","status-publish","format-standard","category-compliance-regulation","category-general","category-polls","category-remuneration"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/22101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=22101"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/22101\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=22101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=22101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=22101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}