Risk Product, Company and Regulatory Updates as at 3 May 2016

Product Updates

Zurich Offering Life and IP Discounts
Zurich is now offering clients a five per cent discount on death and other policies when clients take up both. Zurich SmartValue applies to lump sum benefits added to life insurance, including TPD, trauma and income protection. Income protection premium rates have increased by 10 per cent for some white collar professions. 

Sunsuper Removes Waiting on TPD
Sunsuper has launched a new total and permanent disability (TPD) product with no waiting times applicable for most claims. TPD Assist will exist from 1 July 2016, with the product focusing on early intervention, rehabilitation, and if possible, helping clients get back to work instead of sitting around waiting for insurance to kick in during a critical time. Premiums will reduce as a result. 

Asteron's Adviser Service Fee Facility Goes Live
Advisers who charge fees for life insurance advice can now utilise Asteron Life Complete's automated collection and payment facility to streamline the payment process inside an advisory business, during the application stage. It can also be used alongside commissions. 

Company Updates

Suncorp Buys into Insurance App Developer
Suncorp has bought a US$5 million stake in technology developer, Trōv, with an on-demand insurance platform in the pipeline. This platform is to offer customers instant access to insurance for single items such as cameras, tablets and laptops. 

AZ NGA Acquires Bailey Capital Management
AZ Next Generation Advisory's Pride Advice has bought Bailey Capital Management (BCM), an Adelaide financial advisory business. 

Regulatory Updates

Current Advisers Won't Need Degree
The Government has announced that under proposed new education standards, existing financial advisers will not need to complete a bachelor's degree. These advisers will be given five years to reach a degree-equivalent standard once the standards come into play. New education and exam regulations are now due in 2019, two years later than expected.