Super performance sees BT shoot ahead
BT Financial Group is two for two with insurance in super on platforms winning this category, as well as that of Super Risk Term & TPD Rider.
BT Financial Group, Life Insurance Products, National Manager Scott Moffit said "flexibility in the offering and the ability to fund insurance via superannuation as well as outside of superannuation had boosted the offer on the platform" and planners were keen to consolidate investments, super and insurance into one place for their clients.
BT also recognised that client retention was stronger in a superannuation environment and the claims experience was also better and discounted premiums on the platform to recognise those events.
Adapting to the challenges of complying with the Stronger Super changes was also a major focus for MLC's Insurance Income Protection Platinum Super, and resulted in MLC winning Silver for 2014, after having won this category in 2013.
MLC general manager insurance product and underwriting, Sean McCormack, said "this year it was important to align insurance inside super with the Stronger Super regulations that came into effect on 1 July".
"This meant overlaying the super 'conditions of release' requirements as an essential part of insurance definitions."
One Path was awarded Bronze for its OneCare - Income Secure Basic Super with ANZ Global Wealth head of life insurance Gerard Kerr stating OnePath used the MySuper changes to reset the product and effectively start from scratch with new pricing, terms and conditions.
"We felt by creating that new offer, it was very clear that this was complying with the MySuper legislation, clearer on when it started, clearer on terms and conditions, as a result of that any adviser or client who uses it is much clearer now on the terms and conditions," Kerr said.
"We've been able to create a slightly different pricing model to go with that as well."
AUTHOR
Jason Spits
Recommended for you
Money Management’s 2021 TOP Financial Planning Groups survey has confirmed that the number of financial advisers operating under the umbrellas of the largest groups has dropped to new lows, Oksana Patron writes.
Money Management’s 2020 TOP Financial Planning Groups research has confirmed the number of planners working at the biggest groups has dwindled to its lowest levels in years, underscoring the end of the banks’ dominance in wealth management, writes Oksana Patron.
The Money Management TOP Financial Planning Group Survey is the longest running annual snapshot of the leading advice groups in the sector.
The last 12 months caught the financial planning industry in the middle of a transition and struggling to figure out what the new rules of the game will be in a still-evolving post-Royal Commission environment, Oksana Patron writes.
