AMP extends life insurance APL across all licensees
AMP has increased its life insurance approved product list (APL) to include five major insurers and made it common across all AMP licensees.
The company announced today that its life insurance APL now included BT and MetLife as new additions alongside AIA, OnePath/Zurich and TAL.
The company said that, for the first time, the APL would be common across all AMP’s licensees: AMP Financial Planning, Hillross and Charter.
Commenting on the move, AMP director of adviser partnerships Brian George said it had followed rigorous industry review and tender processes by the company’s advice research team.
“Clients and advisers will benefit from a competitive choice of policies and the enhanced service levels these insurers are offering, including claims resolution and support, technology support (including data feeds, shared portals), licensee-centric reporting, education and technical support, and future product development.”
“Existing life policies held by clients with insurers not on the APL will not be affected by the changes,” he said.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
