Direct Life Insurance Report 2022

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Part A: Impact of Changes, Distribution and Market Forecast

1. Changes in Direct and Advised Life Insurance markets

Topics include Market Background, Sale of Life Insurance Businesses, ASIC and APRA’s Reviews, Changes in the Advised Market, and Adviser Training and Education standards.

2. Impact of the changes in the Direct Life Insurance market

Topics include Age Group Analysis of New Direct Business (Lump Sum and Income Protection), New Direct Sales 2018-2022 by Product and by Company, Build-up of In Force AP over the Year 31/12/21 (including New Sales AP, Lapsed AP Net Terminated AP, % Gain/loss of In Force AP), 2021 Lapse Rates by Product, In Force AP by Product and by Company.

3. Distribution Channels

Topics include sales of the insurer’s house-brand and affiliate brands.

4. Forecasts

Two forecasts have been developed (Medium-Conservative and High) of Sales Annual Premiums in the Direct Life Insurance markets for lump sum products by Company.

5. Direct Insurance Company Profiles

Build-up of in force for Dec 2020 – Dec 2021 showing in force at start, sales, increases, terminations, lapses and in force at end. Covering AIA, Allianz, BT/ Westpac, ClearView, Hallmark, Hannover, HCF, Integrity, MetLife, MLC, NobleOak, OnePath, Resolution, St. Andrews, Swiss Re, TAL and Zurich.

Attachments

PFL Direct Life Insurance Market Review 2022 - Forecast.xls

Part B:  Product Benchmarking and Competitive Premium Analysis

Product Benchmarking through detailed analysis of product features and pricing for use by insurance providers to understand the positioning of their offers against competitors.

  1. Premium Comparisons

    Comparison of Advised premiums and average Direct premiums across a range of providers and age bands for Life, Trauma and IP cover.

  2. Product Benchmarking

    Benchmarking of Direct products against detailed criteria and then bivariate comparison of product features and pricing. Benchmarking factors include policy conditions, applications, premiums, insurability, discounts, ancillary benefits (either optional or included), exclusions, product definitions and offsets.