Risk

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New figures from Strategic Insight show total risk business held firm at $16.3 billion over the year ending March.

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The figures show individual risk inflows into the lump sum sub-market fell 0.7 per cent over the past year with mixed company-level results.

Among the market leaders, AIA (9.4 per cent), Zurich (4.7 per cent) and TAL (1.7 per cent) experienced the highest percentage increases in their inflows, with smaller players such as ClearView (10.4 per cent) also reported significant growth.

Strategic Insight noted in its results that that Suncorp merged into TAL Group during the quarter.

Risk income inflows again experienced higher growth than the lump sum market, up 1.1 per cent over the past year.

Among the better performers in the sector in percentage terms were Zurich (9.2 per cent), AIA (8.6 per cent) and TAL (3.5 per cent).

On the group risk premium front, inflows experienced 0.1 per cent growth over the past year despite individual company results varying significantly.

Of the larger companies, MetLife (11.6 per cent) and AIA (5.3 per cent) recorded well above-average percentage increases in their annual group risk inflows.

However, Strategic Insight noted that individual company growth can be significantly impacted by super fund insurance mandate movements.

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New figures from Strategic Insight show total risk business held firm at $16.3 billion over the year ending March.

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EXCLUSIVE: Banning life insurance commissions as recommended by the Hayne royal commission will be against the public interest as clients will move on to inferior products, argues a dealer group head.

Write comment (13 Comments) " ["fulltext"]=> string(2632) "

The final report of the Hayne royal commission recommended commission caps be reduced further than that laid under the Life Insurance Framework.

Commissioner Kenneth Hayne said that, “unless there is clear justification for retaining those commissions, the cap should ultimately be reduced to zero”.

ASIC also confirmed it would review current life insurance commission arrangements sometime in 2021.

But in a blog exclusively written for ifa, Lifespan Financial Planning chief executive Eugene Ardino argued that, should the recommendation be implemented, clients will gravitate towards inferior or inappropriate “self-service” or online insurance products.

“Many financial advisers will say that if clients don’t want to pay a fee for advice, then that’s their problem and it’s too bad if they get inferior insurance or none at all, and it’s more important for the industry to make the transition to a profession,” Mr Ardino said.

“However, I think this is a callous attitude which puts the needs of the advice community ahead of the public interest.”

While Mr Ardino said he’s all for our industry becoming more professionalised, he would like to see it done in a way that allows more Australians to access advice, not less.

“The hypothesis that if we appear more professional then more people will obtain advice, no matter how much it costs, is an unrealistic and irrational fantasy,” he said.

“For the vast majority of consumers, a commission structure for life insurance is actually beneficial and can be quite sensibly justified.”

The Life Insurance Framework is divided into three stages, beginning in 2018 and continuing in 2019 and 2020. The first stage has already passed, with an initial commission rate of 88 per cent and a 22 per cent renewal rate.

The framework is currently at the second stage until the end of 2019 where the initial commission rate is at 77 per cent and a renewal rate of 22 per cent, before moving on to stage three at the start of 2020 where the initial rate is at 66 per cent and a renewal rate of 22 per cent.

To read the full contributed article by Eugene Ardino, click here.

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EXCLUSIVE: Banning life insurance commissions as recommended by the Hayne royal commission will be against the public interest as clients will move on to inferior products, argues a dealer group head.

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Clients receive better life insurance outcomes through an adviser in terms of both admittance rates and claims paid, new statistics from the prudential regulator reveal.

Write comment (1 Comment) " ["fulltext"]=> string(3598) "

APRA’s Life Insurance Claims and Disputes statistics present the key industry and entity-level claims and disputes outcomes for 20 Australian life insurers writing direct business covering the 2018 calendar year.

The data is part of a project between APRA and ASIC aimed at making it easier to compare life insurers’ performance in handling claims and disputes.

The APRA publication covers the 2018 calendar year and is the second to use the full data set since it was launched in March 2019.

Admittance data

Overall, the APRA statistics revealed that the admittance rate across all cover types and distribution channels was 93 per cent in 2018.

Individual advised business generally showed higher admittance rates than individual non-advised for the same cover type.

Advised life insurance has higher admittance rates than non-advised when it comes to death cover (96 per cent v 88 per cent), total and permanent disablement cover (87 per cent v 59 per cent) and disability income insurance (95 per cent v 85 per cent).

Trauma insurance admittance rates were the same across advised and non-advised at 87 per cent.

“This could be due to the policyholder having clearer expectations upfront of what is covered by the product, or (related to the previous point) the adviser discouraging the policyholder from lodging a claim that is not covered by the policy,” APRA said.

The exception was individual advised accident business, which the APRA statistics show had an unusually low admittance rate compared with non-advised (19 per cent v 82 per cent).

“However … the number of observations is quite small (80 finalised claims, versus 3,519 for non-advised), plus APRA was informed by the main writer of this product of some existing data limitations that have reduced the accuracy of their reported results,” the publication said.

Claims paid data

When it comes to claims paid, individual advised insurance had a higher ratio than individual non-advised across death cover (39 per cent v 32 per cent), total and permanent disablement cover (45 per cent v 28 per cent) and trauma cover (62 per cent v 40 per cent).

However, APRA urged caution in interpreting the claims data as a measure of consumer value or product profitability.

“For insurers, claims payments are only one part of the costs associated with an insurance policy. Other costs, such as administration, acquisition costs and claims reserves, are not included. Whether and how profitable the product is to the insurer will depend in part on these factors,” APRA said.

Further, the report found that, in general, individual products will have higher acquisition costs associated with the policy compared with group products.

“As these costs will make up a larger proportion of the overall premium income, the claims payments will be a correspondingly lower percentage,” APRA said.

“Across all distribution channels except group ordinary, disability income insurance business has the highest claims paid ratio. This aligns with the observations made in APRA’s thematic review into the sustainability of this product.”

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Clients receive better life insurance outcomes through an adviser in terms of both admittance rates and claims paid, new statistics from the prudential regulator reveal.

Write comment (1 Comment) " ["jcfields"]=> array(1) { [1]=> object(stdClass)#5854 (32) { ["id"]=> string(1) "1" ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2018-09-05 01:40:34" ["created_user_id"]=> string(4) "1090" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#5804 (3) { ["data":protected]=> object(stdClass)#5672 (1) { ["options"]=> object(stdClass)#5808 (2) { ["options0"]=> object(stdClass)#5809 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#5805 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#5806 (3) { ["data":protected]=> object(stdClass)#5811 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "0" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(1) "1" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "1" ["label"]=> string(17) "Automatic tagging" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(7) "Digital" ["group_title"]=> string(4) "Tags" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(1) "1" } } ["link"]=> string(65) "/risk/26942-better-client-outcomes-through-advised-insurance-apra" ["image"]=> string(24) "images/News/apra-ifa.jpg" ["image_alt"]=> string(4) "APRA" } [3]=> object(stdClass)#5680 (59) { ["id"]=> string(5) "26943" ["title"]=> string(47) "Tasmanian super fund begins MetLife partnership" ["alias"]=> string(47) "tasmanian-super-fund-begins-metlife-partnership" ["introtext"]=> string(352) "

A Tasmanian superannuation fund has begun providing life insurance cover through MetLife after it awarded the mandate to the life insurer last year.

Write comment (0 Comments) " ["fulltext"]=> string(1368) "

With an estimated 138,000 members, $9.5 billion super fund Tasplan awarded the mandate to MetLife in October 2018 following an extensive tender process.

The mandate includes default death and total and permanent disablement (TPD) cover to all eligible members, with opt-in income protection cover for Basic members and as default for Basic Plus members.

Since the October announcement, Tasplan and MetLife had been working ahead of the 1 July switch over of members, integrating technology platforms to enable easy and fast member interactions including claims and cover changes.

Tasplan chief operations officer Nick Connor believes the transition period has been critical to making sure their members have a positive experience.

“We’ve been working closely with MetLife to make sure we’re ready and there is no impact on our members. The experience should be seamless for them,” Mr Connor said.

“We’ve partnered with MetLife because we believe they are the right insurer for us and our members. And seeing their focus on the customer experience, we know our members are going to get great service from them when they need it most.”

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A Tasmanian superannuation fund has begun providing life insurance cover through MetLife after it awarded the mandate to the life insurer last year.

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