Risk Product and Company Updates - 23 February 2016

AIA Australia Changes Focus
AIA Australia has announced it will be moving towards a more consumer-driven insurance offering, personalising insurance. This is an attempt to engage consumers and provide more evidence on the value of insurance. The renewal comes with a website relaunch with simpler product and service descriptions, with an advanced search function that answers questions instead of a simple keyword search. 

TAL Health Sense Launches, Academic Year Released
TAL has launched its new lifetime discount rewards program - TAL Health Sense: Fit for Life. The program offers an automatic 7.5 per cent discount (up to 15 per cent with bundles) for clients who have specific BMI ranges. There is no sign-up, payments, trackings, check-ups, or records to get the Health Sense discount, as it is included in the policy. 

TAL's Risk Academy is ready for 2016 with five new courses on offer. The Academy is just a year old, but over 4,000 advisers have reportedly already signed up for courses this year to improve educational standards in the advisory industry in Australia. 

Suncorp to Focus on Direct Life
After Suncorp closed its dealer groups, it is now focusing on the direct life channel. Consumers are increasingly looking to the internet to provide their insurance directly, rather than through an adviser. 

Zurich Launches Life Insurance App, Adviser LIF Support Program, Announces Job Cuts
A new tablet app for consumers is available for download to help with consumer education regarding life insurance and risk management. Consumers can learn about risk management, risk insurance, and options for their own personal circumstances using multimedia in self-paced modules. 

Zurich Financial Services is also rolling out its Life Insurance Framework (LIF) support package for advisers with practical help for the transition. The insurer created Blueprints for the Future which covers product innovation, efficiency, business marketing and management, customer service and care, and advocacy and best practice. Increases in education offerings and cash flow modelling are also available. 

An 'efficiency program' is underway with cost savings anticipated by US$1 billion by 2018. The method of achieving such savings includes new technology, trimming processes, and offshoring/nearshoring activities. It is estimated that 8,000 jobs will be affected. 

Combined Insurance Not Taking New Business
Combined Insurance has decided to stop taking on new business as of April 22, however existing policies will not be affected.