Plan for Life’s “Life Insurance APL Service for Licensees” provides key support to a Licensee in its requirement as a holder of an AFSL in undertaking appropriate research in identifying suitable life insurance providers to be used by its financial planners in recommendations on risk insurance to their clients.

Plan for Life’s service is specifically geared to assist in the management of the Life Insurance Approved Products List (APL) through:

  1. Application of Plan for Life’s unique benchmarking methodology of life insurance companies and their products,
  2. Provision of a substantial amount of detailed and continually updated research which supports the methodology,
  3. Assistance and recommendations from Plan for Life as to inclusions and exclusions from the APL.

Package of services available to Licencees:

1. Risk Benchmarking Report

Plan for Life has developed a Risk Benchmarking Report covering research on Australian life insurers and their insurance products. It has been used for over 10 years both as an input to licensees’ APL requirements and also as a means to provide life insurers with an information service in which they can see how they are viewed by licensees as well as being able to compare themselves against competitors. Apart from being highly innovative, the in-depth holistic approach has never been copied, probably because it depends on a combination of practical experience of working in the life industry, the disciplined approach of actuaries and the skills in extracting accurate data by researchers. Plan for Life sets its benchmarks by ensuring that accuracy of data is paramount, delivery of reports meet market requirements for timeliness and coverage of data is the most comprehensive available. Read more ...

2. Monthly Research Update

A Monthly Research Update provides the Licencee with information on changes to products and rates, life insurance company personnel and services, financial issues, market experience (growth/decline in sales and in force) and other licensee topics of both interest and importance.

3. Scheduled Insight Meetings

Scheduled Insight Meetings are conducted in person or by conference call, where assistance and recommendations regarding inclusion and exclusion of the various life insurers and their products can be discussed. These meetings are designed to provide an independent input to Licensee processes in their maintenance of approved product lists.

4. Support Hotline

A Support hotline is available for Licensee personnel to contact and discuss any issues with PFL analysts.