The Commonwealth Bank insurance arm will slash premiums for life policies by 15%, and general insurance rates may fall later this year.

CommInsure says it will also offer incentives for financial advisers to write business – including a mobile underwriting team, a technical and business development call centre, and a new commission rate.

The insurer will make 23 changes to its retail risk products after a review to ensure its policies in this area are up to date with market expectations.

There will be changes to female-specific trauma conditions, and premium reductions for life, trauma, and total and permanent disability cover.

Early last year CommInsure set itself a timetable of three product upgrades in 18 months.

A spokesman told Sunrise Exchange News the changes take effect from April 23, and the next review will be of general insurance products.