AMP says changing the way its advisers are paid for selling life insurance is only the first step in a reform process.

“Changing the way we remunerate advisers in this area is complex, and that is largely due to the fact insurance is not a product most people wake up in the morning with the intention of buying,” CEO Craig Meller told the company’s AGM in Sydney last Thursday.

“Getting the process right so more Australians are adequately insured is critical. The role the right insurance solutions play in a quality financial plan is an invaluable one.”

Mr Meller says the remuneration changes, announced late last month, are an “initial step”.

“Looking at our products and advice through a customer lens, we can see the fundamentals are falling into place, but there’s still a great deal of work to be done.

“The aim of that work will involve reaching more people and building much deeper relationships with them.”

Mr Meller says AMP must make financial advice more accessible, deliver a consistent process, offer a broader range of simpler products and keep clients informed and comfortable when dealing with advisers.

“These four things will add up to more customers doing more business with AMP for longer. We’ve made great strides on our journey to become a company whose customers are at the centre of every decision we make.

“I am incredibly pleased with the progress we have made in such a short time, but aware of how far we have to go.”