Riskinfo

The Federal Court has found that a ‘pre-existing condition’ term in certain HCF Life Insurance Company policies was liable to mislead the public. ASIC Deputy Chair Sarah Court says consumers “rightly expect” insurers will provide accurate information to them about their rights. https://buff.ly/3C1nYqx #ASIC #HCFLife #RiskInfo

Legacy technology is preventing the majority of insurers from meeting their customers' expectations, says a new global report, which points to just 5% of insurers it surveyed offering a superior customer experience. Authors of the US-based Capgemini Research Institute’s World Life Insurance Report 2025 collected data from life insurers from Australia to the UK. https://buff.ly/3NEoopk #Riskinfo #Capgemini #lifeinsurers

One of the few references to life insurance in APRA’s Annual Report cautions that the work required by the life insurance industry around the long-term sustainability of individual disability income insurance must be ongoing. https://buff.ly/3Updzen #riskinfo #APRA #IPInsurance

A life insurer had breached the Life Insurance Code of Practice by failing to apply a premium discount in the way it was advertised, resulting in more than 4,000 customers being overcharged, the Life Code Compliance Committee has found. https://buff.ly/4dXkDG9 #Riskinfo #LCCC #Lifeinsurance

Sydney-based Sherlock Wealth is now operating under its own licence as an authorised representative of Sherlock Wealth Advisory Services. A statement from the firm says that for more than 20 years the company has been an authorised representative of Matrix Planning Solutions. The latest announcement comes just after Andrew Sherlock took over as CEO and he sees this as an “…exciting next step in the evolution of our business.” https://buff.ly/4f9k50D Andrew Sherlock Sherlock Wealth #Riskinfo #SherlockWealth #MatrixPlanningSolutions

Risk Hub has announced it will hold a virtual Risk Support Showcase in November which the company says is designed to bring its service provider directory to life, giving advisers the chance to explore practical solutions that could streamline their advice process. The company says the virtual event, with interactive sessions to help attendees streamline and improve the delivery of risk advice, will take place throughout the day on 12 November 2024. https://buff.ly/4f4y2x0 #RiskHub #Riskinfo

Total individual risk new premium decreased by 8.5% in the year to June 2024 to $1.27 billion, according to DEXX&R latest Life Analysis Report. This follows a 3.4% decrease in total individual risk new premiums in the 12 month to March 2024, although disability income new business was up by 6.6% in that March year, following green shoots seen in the year to December 2023 when disability income new business increased by 7.3%. https://buff.ly/4e6c1gB #DEXX&R #Riskinfo

Zurich has announced a range of changes to its Wealth Protection product range. Chief among these is the introduction of the insurer’s new Continuous Care option within its TPD offer. This new option provides a lump sum payment if an individual becomes totally and permanently disabled and is unable to work. https://buff.ly/3Udh9IF #Zurich #Riskinfo

Strong engagement with our report last week on the outsourcing arrangement struck by Viridian Advisory for the processing of the AFSL firm’s client TPD claims has led to our latest poll. Is your advice practice open to the possibility of outsourcing your clients’ life insurance claims processes to an external specialist firm? Cast your vote today. https://buff.ly/403WCtu #Riskinfo #ViridianAdvisory

A new partnership has highlighted a potential solution to assist any advice businesses challenged by the prospect of building estate planning into their advice offering. National integrated financial services firm, Tribel, has entered an agreement with Australian fintech, Yodal, to roll out Yodal’s estate planning solution across the group’s network of financial advisers, accountants and mortgage brokers. https://buff.ly/4h5P8fB #Tribel #Riskinfo @SimonLittle #Yodal #Financialadvisers