{"id":67052,"date":"2023-08-08T12:27:29","date_gmt":"2023-08-08T01:27:29","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=67052"},"modified":"2025-03-14T12:02:23","modified_gmt":"2025-03-14T01:02:23","slug":"lifebid-releases-update","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/08\/08\/lifebid-releases-update\/","title":{"rendered":"LifeBid Releases Update"},"content":{"rendered":"\n<div class=\"header row\">\n<div class=\"intro\">\n<h3> There was huge reader interest this week in LifeBid founder, Brett Wright\u2019s Open Letter to the industry outlining the progress of the technology platform and confirming that over 2,000 advisers have registered their interest\u2026<\/h3>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/lifebid.com.au\/\" target=\"_blank\" rel=\"noopener\">LifeBid<\/a> founder, <strong>Brett Wright<\/strong>, has published an <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/08\/230808-LifeBid-Open-Letter.pdf\" target=\"_blank\" rel=\"noopener\">Open Letter<\/a> in which he provides an update on the status of the LifeBid technology platform and project, as his team and working group progress towards launch.<\/p>\n<p>Addressed to all financial advisers as well as to other life insurance industry and financial advice stakeholders, Wright&#8217;s open letter shares updated details about:<\/p>\n<ul>\n<li>The LifeBid industry project and working group<\/li>\n<li>How the LifeBid platform is aiming to help advisers and their clients<\/li>\n<li>What\u2019s been achieved so far<\/li>\n<li>What\u2019s next for the LifeBid platform and project<\/li>\n<\/ul>\n<blockquote><p>&#8230;over two thousand advisers &#8230;have registered their interest<\/p><\/blockquote>\n<p>Confirming there are now over two thousand advisers who have registered their interest either directly or via LifeBid&#8217;s working group partners, Wright notes the main initial priority for the one-stop platform is to deliver a new business system capability, after which the focus will shift to extending the platform services to manage renewals, policy reviews and alterations and claims processes.<\/p>\n<p>He adds that the LifeBid development team had also been anticipating the removal of Statements of Advice and is designing a fit-for-purpose risk advice document solution, while continuing to monitor the progress of the implementation of the Quality of Advice Review reforms.<\/p>\n<blockquote><p>&#8230;no single insurer, licensee, adviser, regulator or the Government can fix life insurance on their own<\/p><\/blockquote>\n<figure id=\"attachment_58650\" aria-describedby=\"caption-attachment-58650\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-58650\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-250x300.jpg\" alt=\"\" width=\"150\" height=\"180\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-250x300.jpg 250w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-854x1024.jpg 854w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-768x921.jpg 768w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-1281x1536.jpg 1281w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-696x835.jpg 696w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-1068x1281.jpg 1068w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888-350x420.jpg 350w, https:\/\/riskinfo.com.au\/news\/files\/2021\/11\/Brett-Wright-LifeBid-scaled-e1691457123888.jpg 1467w\" sizes=\"auto, (max-width: 150px) 100vw, 150px\" \/><\/a><figcaption id=\"caption-attachment-58650\" class=\"wp-caption-text\">Risk specialist adviser and LifeBid co-founder, Brett Wright &#8230;LifeBid should ultimately be owned by all stakeholders<\/figcaption><\/figure>\n<p>Wright clarifies his vision that the LifeBid platform should ultimately be owned by all stakeholders participating in the Australian life insurance value chain, while also noting that no single insurer, licensee, adviser, regulator or the Government can fix life insurance on their own: &#8220;The industry needs to do this together,&#8221; urges Wright (see also: <a href=\"https:\/\/riskinfo.com.au\/news\/2023\/08\/09\/lifebid-launches-crowdfunding-campaign\/\" target=\"_blank\" rel=\"noopener\">LifeBid Launches Crowdfunding Campaign<\/a>).<\/p>\n<p>In addition to outlining next steps, the letter also provides more details about the vision and mission attaching to LifeBid, information regarding working group partners &#8211; which include life companies, licensees and advocacy partners &#8211; as well as LifeBid\u2019s Board of Advice.<\/p>\n<p>Advisers and other interested industry stakeholders can <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2023\/08\/230808-LifeBid-Open-Letter.pdf\" target=\"_blank\" rel=\"noopener\">click here<\/a> to access the Open Letter from Brett Wright.<\/p>\n<p>&#8230;And take the following link to learn more and to register interest in the future potential to invest in the LifeBid industry solution: <a href=\"https:\/\/lifebid.com.au\/investors\/\" target=\"_blank\" rel=\"noopener\">LifeBid Investors<\/a><\/p>\n<p>Riskinfo will report further developments on this forthcoming industry initiative, including projected release timing and progress of other key capabilities intended to deliver a single-platform solution for all advisers &#8211; risk specialist and generalist\/holistic &#8211; seeking to offer life insurance advice solutions for their clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There was huge reader interest this week in LifeBid founder, Brett Wright\u2019s Open Letter to the industry outlining the progress of the technology platform and confirming that over 2,000 advisers have registered their interest\u2026 LifeBid founder, Brett Wright, has published an Open Letter in which he provides an update on the status of the LifeBid [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":58644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,8291],"tags":[],"class_list":{"0":"post-67052","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-regulation","8":"category-story-of-the-week"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/67052","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=67052"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/67052\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/58644"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=67052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=67052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=67052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}