{"id":29589,"date":"2015-05-05T19:00:31","date_gmt":"2015-05-05T09:00:31","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29589"},"modified":"2015-05-19T18:10:07","modified_gmt":"2015-05-19T08:10:07","slug":"synchron-product-initiative-garners-support","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/05\/05\/synchron-product-initiative-garners-support\/","title":{"rendered":"Insurers Support Synchron Product Initiative"},"content":{"rendered":"<p><span style=\"line-height: 1.5em\">A new life insurance product structure designed by risk-focused licensee Synchron is receiving strong interest from insurers, the group has reported.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_22984\" aria-describedby=\"caption-attachment-22984\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2013\/09\/Don-Trapnell-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-22984 \" alt=\"Synchron Director, Don Trapnell\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2013\/09\/Don-Trapnell-2.jpg\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-22984\" class=\"wp-caption-text\">Synchron Director, Don Trapnell<\/figcaption><\/figure>\n<p>Following a recent fact-finding mission in the UK, undertaken by Synchron Director, <strong>Don Trapnell<\/strong>, and Independent Chair, <strong>Michael Harrison<\/strong>, the licensee decided to design its own product solution to address some of the issues facing the life insurance sector.<\/p>\n<p>According to Mr Trapnell, most UK insurance policies are written on a level premium, set-term basis, a structure which is not used commonly in the Australian market. Synchron said it had designed a product structure along similar lines, and had put it out to tender to select life insurers.<\/p>\n<p>Mr Trapnell said the initial interest from three insurance companies had been \u2018excellent\u2019, indicating strong interest in moving forward from design to costing phase. He added that another insurer had come forward asking to be involved in the initiative.<\/p>\n<h6>The industry is changing at break neck speed<\/h6>\n<p>\u201cThe structure we have designed provides the ability for the adviser to personalise the product to the specific needs of the client,\u201d Mr Trapnell said.<\/p>\n<p>\u201cThe product will have a number of level premiums and will be for a set term. Premium structures at first indication are comparable to current yearly renewable term rates and remuneration will be structured so there is flexibility to enable an adviser to mould the revenue to suit the effort required to secure the business.<\/p>\n<p>\u201cThe industry is changing at break neck speed. While we are pleased by recent announcements from AMP and Centrepoint, there are other levers that need to be pulled and addressed. At Synchron we believe it is up to us to not just follow others, but to take on a leadership role. The product structure we have designed goes a long way towards doing just that,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new life insurance product structure designed by risk-focused licensee Synchron is receiving strong interest from insurers, the group has reported.<\/p>\n","protected":false},"author":7,"featured_media":29598,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,6,4],"tags":[],"class_list":["post-29589","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-dealer-groups","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29589","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\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=29589"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/29598"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}