Risk Product, Company and Regulatory Updates as at 4 April 2018

Product Updates

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CommInsure to rollout new underwriting engine and IP premium increase
CommInsure has announced that from 6 May 2018 some clients with premium income protection policies that began before 15 February 2014 will receive an average of 20 per cent. CommInsure has also announced that it will launch a new underwriting rules engine named MyApply to replace its existing engine, WriteAway, with the current quoting tool, CALQ, to be replaced with a new system, MyQuote, from 9 April 2018.

Fee waiver campaign extended by AIA Australia
AIA Australia has extended its Two for Two fee waiver until the end of May. The offer waives the policy fee for the first two years on new eligible AIA Priority Protection for Platform Investors or Priority Protection policies. The offer also allows the $120 annual AIA Vitality fee to be waived for the first two years.

Life Super Quotes Service launched by Riskinfo, RiskinfoNZ launched
Riskinfo has partnered with life insurance software provider, Omnium, to deliver a new free quotation and needs analysis solution. The new service, Life Super Quotes, will allow advisers to quickly run premium comparison quotes for life insurance products. RiskinfoNZ, a sister publication to Riskinfo, has been launched in New Zealand. RiskinfoNZ will report the latest news and information from New Zealand’s life insurance industry.

New practice management platform flagged by AMP
AMP has stated in its 2018 Sustainability Report that they will invest in a practice management tool. The tool will be built on the Salesforce platform and integrate operational reporting, policy administration, telephony, customer relationship management, and registry.

New super fund addresses Australian account erosion
New superannuation fund, Student Super, is looking to combat superannuation account corrosion of young Australians. Student Super members who have a balance of less than $1,000 will not incur fees, and balances up to $5,000 will receive additional discounts. Members with balances over $5,000 will be charged $78 per annum.

Company Updates

Adviser builds new practice
Melbourne-based financial adviser, Marlene Zwarts, has started her own practice, joining the Elders Financial Planning dealer group. Zwarts was previously an authorised representative at Millennium3.

SMSF admin business sold by OneVue
OneVue has sold its self-managed superannuation fund to AMP, via SuperConcepts.

CBA may sell Indonesian life business
The Commonwealth Bank has announced it will potentially be selling up to 80 per cent of its stake in Jakarta-based PT Commonwealth Life (PTCL).

Lifecycle default option launched by Industry fund
The Australian Catholic Superannuation and Retirement Fund’s Lifetime One option will automatically adjust with members’ age and deliver higher returns. Younger members will be given a higher allocation of growth assets, with 90 per cent being invested in shares and property to ride out market volatility. 

Regulatory Updates

TAL to refund funeral insurance customers
TAL Insuranceline funeral insurance customers will be offered refunds totalling $900,000 after ASIC reported a failure to switch off annual cost of living increases to premiums. ASIC also found TAL failed to stop cover after Over 50s/55s Insurance Plans customers had reached the age of 75 and Insuranceline Funeral Plan customers had reached the age of 80.