Asteron is running a two-week national roadshow to explain the opportunities for life insurance advisers from the Future of Financial Advice (FOFA) reforms.

As part of the presentation, which started in Brisbane last week, the insurer is offering a 10% discount on its income protection product as part of a move to attract new customers.

Asteron EGM Jordan Hawke says the insurer is also explaining a number of process improvements to Lifeguard EQ that have been introduced this month.

“These changes have significantly sped up the processing of new applications, helping advisers to get new business in the door,” he said.

The changes include the ability to process cheques and attach documents for the underwriting process.

Those clients on a Colonial First State FirstChoice platform can have their premiums paid automatically from their superannuation account.

The insurer has also increased the current commission rate by 5% until October 18 to encourage more advisers to use its electronic processing.

In figures supplied to insuranceNEWS.com.au, Asteron says 60% of new applications since January 3 are being made through Lifeguard EQ.

It also has one in thee applications accepted immediately online and another 18% within five days.

Mr Hawke says the changes to its underwriting requirements are also delivering benefits with the proposal count up 11% and medical expenses down 4%. Asteron’s new business production has increased by 14% and suspensions are down 17%.

He says the insurer has to become more aligned with advisers to ensure they have a sustainable future.

“I believe the industry needs to work more closely and become more aligned than ever in light of the FOFA reforms to ensure our success during the coming years,” he said. 

“Asteron is optimistic about the future of advice in the life insurance market.”

Mr Hawke says the company has made a deliberate decision to join with advisers to fight some of the FOFA proposals as it believes advisers hold the key to growing the market.

“As a life insurance specialist aligned to independent advisers, we are committed to this industry and its future,” he said.