Millennials drawn to online offerings: MetLife
08 April 2019
More than one-third of Millennials will visit a life insurer’s website and read online reviews even after receiving a recommendation from a financial adviser, MetLife says…
Life Insurance
AMP Life Chairman will stay on board post-sale
08 April 2019
AMP Life Chairman Trevor Matthews will remain on the board after the business is sold to Resolution Life, while retiring from the AMP board…
Life insurers' code processes slammed
01 April 2019
The compliance committee monitoring the Life Insurance Code of Practice has warned that some companies lack proper risk and compliance frameworks…
Regulators launch claims and disputes comparator
01 April 2019
Life insurance policyholders can compare insurers’ performance in handling claims and disputes thanks to the release of industry and insurer-level data and a new online tool…
AFA attacks grandfathered commission rebates
01 April 2019
Product manufacturers will be required to rebate grandfathered commissions to clients for any products still in use after January 2021 under proposed new regulations…
Canberra consults on standardised group cover
01 April 2019
Treasury is consulting on the impact of adopting universal definitions, terms and exclusions for default life insurance in superannuation…
Industry flags mental health issue for customers, staff
01 April 2019
Many financial services employees do not engage with external mental health support programs because of stress and job insecurity, according to workplace mental health partner SuperFriend…
Challenger extends MS&AD reinsurance ties
01 April 2019
MS&AD Insurance Group will provide Challenger with ¥50 billion of reinsurance annually for the next five years, in an expansion of their strategic relationship…
FPA members win fight for CFP recognition
01 April 2019
Hundreds of advisers facing thousands of dollars in retraining costs have been granted a reprieve by the Financial Adviser Standards and Ethics Authority…
NEOS expands underwriting, sales teams
01 April 2019
NEOS Life has announced additions to its underwriting and sales divisions…
Insurers keeping pace on mental health: FSC
25 March 2019
Australian life insurers pay out on mental health claims at about the same rate as cases occur in the community, the Financial Services Council says…
Canberra backs Hayne on claims handling exemption
25 March 2019
The Federal Government will accept the Hayne royal commission recommendation to include the handling and settlement of insurance claims under the definition of financial service…
Hayne ignored advice industry strengths: AFA
25 March 2019
The Association of Financial Advisers has lambasted the Hayne royal commission’s negative portrayal of the sector…
TAL helps advisers plug gap on business cover
25 March 2019
TAL’s Risk Academy will host a series of education workshops to help advisers promote business insurance to clients…
Zurich commits to OneCare features
25 March 2019
Zurich has reassured financial advisers it will not lose focus on OneCare’s customer-oriented features and service improvements when it starts operating the product this year…
FSC moves to prohibit genetic test disclosure
18 March 2019
The Financial Services Council will introduce a moratorium on life insurance genetic test results as a binding standard from July 1, following stakeholder feedback in the Life Insurance Code of Practice consultation…
Use budget to tackle legacy problems: FSC
18 March 2019
The Financial Services Council has urged the Federal Government to use next month’s budget to cut red tape preventing the retirement of substandard legacy financial products…
TAL doubles up on industry award
18 March 2019
TAL has been named the Association of Financial Advisers’ life company of the year for the second year running, beating AIA, OnePath Life and Zurich Financial Services…
CBA delays wealth management sale
18 March 2019
Commonwealth Bank of Australia has “suspended” the sale of its wealth management operations, including its financial advice business, to concentrate on Hayne royal commission recommendations…
APRA tells insurers to update stress testing
18 March 2019
Life insurers should incorporate emerging risks such as cyber attacks into their stress testing scenarios, the prudential regulator says…