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Zurich launches partnership to tackle underinsurance

Life insurer Zurich has partnered with a Melbourne-based life insurance consultant in an effort to address Australia’s underinsurance problem.

The partnership with 19Thirty will see the creation of a series of adviser workshops called ‘Cracking the Life Insurance Code’ which Zurich explained will help strengthen the quality and accessibility of life insurance advice.

Zurich head of sales strategies and research for life insurance and investments, Andy Marshall, said that in order to address underinsurance it was important to make quality advice as accessible as possible.

“Whilst much of the market reaction to last year’s ASIC report into life insurance focused on adviser remuneration, that report also acknowledged the vital role advisers play in delivering important outcomes for clients,” Mr Marshall said.

“Our partnership with 19Thirty is predicated on the notion that by increasing the number of advisers actively providing life insurance advice – and by helping strengthen the quality of that advice – consumers will be encouraged to seek expert help,” he said.

Zurich said the practical workshops will cover three main topics, including insurance strategy, insurance philosophy and insurance process, each of which will be worth 18 CPD points.

19Thirty principal Melissa Crawford said her ultimate goal is to turn everyone into an advocate for life insurance.

“That aspiration of supporting advisers in developing strategy and process around life insurance so they can deliver on this promise for all Australians is something I'm incredibly passionate about and so the culture of Zurich was an important element in this partnership,” Ms Crawford said.