Life insurance provider Zurich has released its Life Insurance Framework (LIF) support plan to help advisers with the incoming changes.
Released during its national roadshow, Zurich said the 'Blueprints for the Future' consists of "five pillars of support" for advisers – product innovation; efficiency; business marketing and management; customer care; and best practice.
Commenting on the launch, Kristine Brooks, head of distribution for Zurich's life and investments business, said the reforms represent one of the life industry's most significant changes and that a partnership approach was "vital" in adapting to the changes.
"The Blueprints represent all the practical ways advisers have told us they want to be supported," Ms Brooks said.
"For example, efficiency is a key focus for advisers right now, so we are concentrating on those technology-based initiatives which can bring greater efficiency to all aspects of the advice value chain, including the initial client engagement and onboarding and ongoing client management, as well as the obvious areas like the new business and underwriting processes," she said.
"Adapting to change of this magnitude is no easy task, but with the support represented by our five Blueprints for the Future, we are confident we can help advisers create a framework that sees better advice, better advice businesses and better customer outcomes."
Ms Brooks added that the life insurer's recent risk product update came in response to advisers' indications that clients wanted "more simplicity, more affordability and more sustainability".
"That's what we delivered, with a simpler pricing structure that was reflected in lower term and TPD rates, and our new income protector range, which has a more sustainable design and pricing," she said.
"Our two-year rate certainty commitment was designed to give advisers and customers more certainty and stability too," she added.
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