What is the most significant factor preventing a greater take-up of life insurance by Australian consumers?
- Adverse consumer attitudes towards life insurance and/or financial advice (44%)
- General economic conditions and affordability (29%)
- Other issue(s) (10%)
- Product complexity - it's just too difficult (9%)
- Life companies failing to learn from the lessons of the past (7%)
- Adviser remuneration issues, including churning (1%)
- Not sure (0%)
Start Date: March 17, 2015 @ 11:20 am
End Date: March 30, 2015 @ 7:47 am
End Date: March 30, 2015 @ 7:47 am
In order to improve the public perception of advisers, the word 'commission' should be replaced by a new term, such as 'adviser service fee'
- Agree (63%)
- Disagree (33%)
- Not sure (4%)
Start Date: February 24, 2015 @ 1:25 pm
End Date: March 17, 2015 @ 11:25 am
End Date: March 17, 2015 @ 11:25 am
If risk commissions were banned, what would you do?
- Leave the industry (43%)
- Charge a fee for risk advice services (29%)
- Stop advising on risk and deliver investment and super advice only (14%)
- Not sure (10%)
- It wouldn't have any impact on my business (4%)
Start Date: February 10, 2015 @ 4:20 pm
End Date: February 24, 2015 @ 1:25 pm
End Date: February 24, 2015 @ 1:25 pm
What is your most preferred choice of the five remuneration alternatives outlined in the interim report of the Life Insurance and Advice Working Group?
- Current hybrid commissions (73%)
- Level commissions plus fees (10%)
- Modified hybrid commissions (9%)
- Level commissions only (7%)
- Funded level commissions (1%)
Start Date: January 13, 2015 @ 2:14 pm
End Date: February 10, 2015 @ 4:19 pm
End Date: February 10, 2015 @ 4:19 pm
What is the most important initiative you would advocate in response to the call for the industry to move to level commissions only for life insurance advice?
- Retain upfront commissions but black-list serial churners (36%)
- Support a move to hybrid and level commissions only (33%)
- Retain upfront commissions but restrict to level commissions only for replacement business (12%)
- Support a move to level commissions only (7%)
- None of the above (6%)
- Go further and ban all life insurance commissions (4%)
- Move to a commission model based on quality of business (2%)
Start Date: December 9, 2014 @ 4:38 pm
End Date: January 13, 2015 @ 2:28 pm
End Date: January 13, 2015 @ 2:28 pm