Life Insurance Transition Resource Kit

Facing into Transition 

The changes announced in the Life Insurance Framework (the “Framework”) are the most significant disruption to the life insurance advice market for decades. Advisers, particularly those that own their own practice, are facing challenging decisions about their future and the AFA Life Insurance Roadshow – Facing into Transition workshopped the critical issues, options and opportunities. This resource kit has been designed to further inform and support advisers.

The Framework doesn’t give the AFA and its members all of the outcomes that we thought were fair and reasonable, but we were able to retain hybrid commissions in the face of strong opposition from government, the Financial System Inquiry, consumer groups, mainstream media and the Trowbridge Report.

As the detail of the framework is worked out we are continuing to lobby on issues like clawback. In the meantime, advisers providing risk insurance advice need to move forward and plan how to adapt to the Framework. This resource kit is focussed on exactly that.

  • How can fees be combined with hybrid commissions?
  • How can lapses be minimised in the first three years?
  • How can cash flow be managed?
  • What new conversations and strategies do advisers need to develop?

The panel of presenters who supported the workshop involved a leading psychologist, David Peake to help overcome mental roadblocks to change. Sue Viskovic discussed different life insurance business and remuneration models demonstrating cash flow impacts and business valuation advantages. Russell Collins and PJ Byrne presented on implementing real changes to your business and to your advice conversations.

Please click on the links below to receive the presentations and resources from each of the presenters.
 

 

 Brad Fox
AFA Chief Executive Officer 
Facing into transition

Please click here to access the presentation and resources

 

 David Peake
Organisational Psychologist,
Team Gene
Change - how will you cope?

Please click here to access the presentation and resources

 

 Sue Viskvoic
Elixir Consulting
Examining the reality of less cash flow, alternative remuneration models and business valuations

Please click here to access the presentation and resources
 

 PJ Byrne
Mr Insurance
Putting the theory into practice – making a success of the new world for risk advice

Please click here to access the presentation and resources

 

 Russell Collins
OAM
Putting the theory into practice – making a success of the new world for risk advice


Please click here to access the presentation and resources


Additional Resources:

'Review of retail life insurance advice' - ASIC Report 413 October 2014
This report presents the findings of ASIC’s research into, and surveillance of, personal advice given to consumers about life insurance.
Please click here to access the ASIC Report

Resources provided by Zurich:

  • Remuneration Modeller - an interactive calculator which models the cash flow impact of the proposed changes on a practice 
  • A Business Value Estimator - an online tool which allows users to estimate business value and identify the drivers of changing that value 
  • Claims Guarantee Letter
  • Estate Planning Online Tool - a free tool that allows advisers to generate estate planning opportunities within their client base 

To access the resources listed above, please feel free to contact the friendly team at  Zurich on 1800 252 650
 

Support provided by TAL:

Reality Checker
Give your clients a reality check with our new online claims tool. Select a range of criteria, including age, gender and insurance type, and the TAL Reality Checker will provide a breakdown of claims paid to TAL retail customers in those demographics, over the last five years. You can make up to four comparisons, and produce a customised PDF or printed report. It also includes 12 new real-life case studies to help you provide your clients with a reality check.

Please click here to access the resource

 

TAL's Commitment
At TAL, we're committed to partnering with advisers to deliver initiatives that will help businesses like yours prosper in a changing environment. Now you can help us shape the future of advice, and tell us how we can help you build business efficiencies and deliver better advice to your clients. Have your say now.

Please click here to access the resource
 

TAL Risk Academy

The TAL Risk Academy provides risk professionals with a suite of continuous education and learning. Catering for different levels of competency, it enables advisers to deliver the best solutions to their clients.

Please click here to access the resource
 

For more information contact your local TAL Sales team.