Bendigo and Adelaide Bank is planning to increase both life and general insurance business through its recently created wealth division.

Head of Wealth Markets Alexandra Tullio told insuranceNEWS.com.au exclusively the bank is launching a new superannuation product in October with a strong emphasis on the life insurance offering.

“We are on track to launch the Bendigo SmartStart Super plan on October 1 providing members with a low cost, easy to use accumulation superannuation plan with fully flexible insurance options and extras,” she said.

“We feel the independent financial adviser community will also embrace SmartStart as a strong alternative for clients looking for a solution that supports the need for financial advice.”

Ms Tullio says although Bendigo Wealth is a new business – it was created in April – it contributed 14% of the bank’s $342.1 million after-tax profit for the year ending June 30.

“We are already seeing an increase in financial planning revenues,” she said.

“Bendigo Financial Planning has had a strong start to the year with revenue up 46% on July last year, as well as our best monthly performance for revenue attributable to financial planning.”

General insurance sales through Bendigo Wealth are also continuing to grow, Head of Manufacturing Andy Gooden told insuranceNEWS.com.au.

“Retail customers have become more aware of our offering and sales are growing year-on-year,” he said. “The community bank model is contributing significantly to this growth.”

Bendigo and Adelaide Bank now has 276 community branches throughout Australia as well as 190 company-owned branches.

“When people are thinking about general insurance, there is a high-take-up through the community bank as it is part of the ownership of the branch relationship,” Mr Gooden said.