{"id":67689,"date":"2023-09-14T11:26:45","date_gmt":"2023-09-14T01:26:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=67689"},"modified":"2023-09-26T07:19:50","modified_gmt":"2023-09-25T21:19:50","slug":"fewer-than-500-advisers-write-50-of-2023-life-policies","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2023\/09\/14\/fewer-than-500-advisers-write-50-of-2023-life-policies\/","title":{"rendered":"Fewer Than 500 Advisers Write 50% of 2023 Life Policies"},"content":{"rendered":"

The retail life industry is currently surviving on a small cohort of advisers to bring in new business, with less than 500 advisers writing 50% of Australia\u2019s life policies in 2023, according to Adviser Ratings<\/a>.<\/p>\n

The research firm says that with 15,634 advisers in Australia at the end of June, in the last six months only 40% wrote a life insurance policy \u201c\u2026what was once a standard part of an adviser\u2019s armoury when on-boarding a client or reviewing as a staple of their annual meeting.\u201d<\/p>\n

The Adviser Ratings chart below shows that\u00a0 6,373 advisers wrote a policy from January to June 2023,\u00a0 highlighting that 127 advisers wrote 25% of policies and another 366 advisers wrote a further 25%, meaning only 493 advisers wrote 50% of the policies.<\/p>\n

The chart also shows 831 advisers wrote a further 25% of policies with the last 25% of policies undertaken by 5,049 advisers.<\/p>\n

\"\"<\/a>Adviser Ratings adds that as advisers \u201c\u2026have shifted to servicing more retirees and \u2018riskies\u2019 have fled in droves, underinsurance is worse than ever.\u201d<\/p>\n

It references Deloitte\u2019s Mind the Gap report, estimating that Australian families could have claimed $25b more last year if not for underinsurance (see: Addressing the Underinsurance Gap<\/a>).<\/p>\n

…127 advisers, who write 25% of Australia\u2019s retail life policies Are earning on average $200,000 – $250,000 in upfront commissions every year…<\/p><\/blockquote>\n

The research company also states that those 127 advisers, who write 25% of Australia\u2019s retail life policies \u201c\u2026are earning on average $200,000 – $250,000 in upfront commissions every year, a significant drop from the earning potential prior to LIF.\u201d<\/p>\n

It says this begs the question \u201c\u2026if the top line is immovable, will broader technology solutions, the QoA Review or adviser recruitment help bridge the gap.\u201d<\/p>\n

Adviser Ratings also points to Deloitte’s estimate that the Australian life insurance industry could grow by up to $40b in annual premium by addressing the under-served segments of the market (again see: Addressing the Underinsurance Gap<\/a>).<\/p>\n

It says to achieve this, all stakeholders need to come together to find a viable solution.<\/p>\n

\u201cTechnology and customer centricity will play a role, but government incentives such as rebates or tax deductibility on death insurance should also be on the table. And will super funds and group life play a larger role,” the firm asks.<\/p>\n","protected":false},"excerpt":{"rendered":"

The retail life industry is currently surviving on a small cohort of advisers to bring in new business, with less than 500 advisers writing 50% of Australia\u2019s life policies in 2023, according to Adviser Ratings. The research firm says that with 15,634 advisers in Australia at the end of June, in the last six months […]<\/p>\n","protected":false},"author":24,"featured_media":67694,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-67689","post","type-post","status-publish","format-standard","has-post-thumbnail","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/67689","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\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=67689"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/67689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/67694"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=67689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=67689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=67689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}