Direct Life Insurance Report 2016

Direct Life Insurance Report is an independent investigation into the Australian Direct Insurance market exploring the key underlying aspects of this growing market.

Direct Life Insurance Report covers 108 product disclosure statements issued by 19 companies offering 196 insurance products including Life, Trauma, TPD, Accidental Death, Income Protection and Funeral insurance products marketed through 122 sellers, which includes 78 affinity partners.

7 Key Topics Reported

  1. Usability Review of Direct Life Insurance Websites (NEW) covering examples of strong and weak user experience design in practice across the Australian Direct Life Insurance market. 

  2. Analysis of Market Trends covering significant changes in Product offers in the last 12 months including new entrants and new alliances, Approaches to dealing with under insurance, Marketing techniques to attracting new customers in the Direct Channel are reviewed, Analysis of Marketing/Sales Channels.

  3. Market Share Statistics include In-Force, New Business, State, Age and Smoker/Non Smoker segmentation (includes ongoing data updates during the year). For the first time ever, PFL has been able to separate Direct Sales according to the brands and affinity partners (NEW) for each major Insurer.

  4. Direct Risk Lapses and Persistency covering sales and lapses.

  5. Forecast of the Direct Risk Market covering sales and in-force for lump sum and income protection policies by company.

  6. Premium Comparison Analysis includes Premium Rates collected directly from companies, indicative rates from on-line quoting and telephone services and, in some instances via Product Disclosure statements. New graphic comparison of product feature scores and average premiums provides easy identification of relative competitiveness.

  7. Benchmarking of Policy Terms and Conditions are analysed in fine detail, including a unique benchmarking approach for each product feature as well as an overall Benchmark for each Company.

Report Package includes:

  • Full Report (94 pages) - PDF
  • Spreadsheets (Excel) include detailed data covering: Distribution, Projections, Market Share Sales Statistics, Benchmarking Attributes, Premium Sales by Channel, Provider Estimate Brand Sales by Insurer, Premium Summary and Average Charts.

Direct Life Insurance Awards

Direct Life Insurance Awards identifies market leaders and product excellence through an independent, objective and transparent research process. More ...

Direct Life Insurance Premium Comparator

Direct Comparator

Compare Direct Life Insurance Premiums across companies and products and select custom peer group for comparison for all product types.

Direct Life Insurance Premium Comparator is only available to participating companies who supply underlying Premium Rates, Factors and Discounts to Plan For Life so that we can fully populate the database.

Data includes Sum Insured Bands, Age Bands, Male/Female, Smoker/Non-Smoker, White Collar/Blue Collar.

Direct Life Insurance Benchmark Grading

Direct Life Insurance Benchmark Grading is a new initiative by Plan For Life to issue an independent Benchmark Grade of "AAA" or "AA" for Direct Life Insurance Products based on an in-depth actuarial and holistic benchmarking approach.

Benchmark Grading

Whilst any Product can be scored, only products that exceed a high scoring level will receive a Benchmark Grade of "AAA" or "AA". Participating Companies may nominate those Products for which they would like Plan For Life to provide a Benchmark Grading. Detailed results and methodology will be provided and may be referred to in external communications.

Key Benefits:

  • May be used in all external marketing material and communications
  • Benchmark Grades provided in the form of a logo (electronically)
  • Benchmark Grade is valid for a specific year (referenced in the logo)

Direct Life Insurance Sales Channels

Life Insurance Sales Channels Report provides a breakdown of the Individual Risk market into Direct and Non-Direct (Intermediated) sales channels. It also allows a combined analysis by Company and Product Type (Term, TPD, Trauma and Income Protection).  More ...