Asteron aims group risk at corporate superannuation and platforms
Asteron Life has updated its group risk strategy to focus on the corporate, superannuation fund and platform provider market through a focus on flexible terms and conditions and ensuring there are no gaps in its coverage.
Andrew Reddy, national manager business development, group risk, for Suncorp Life, said Asteron Life went into the strategy refresh looking for a four-fold increase in quotes by also leveraging the relationship between Asteron and Suncorp.
He said quote volumes are currently up four-fold on pre-2012 volumes and targeting a 10 per cent conversion rate, which was currently up 3.5 times on pre-2012 rates.
Asteron Life had been attracting businesses in the professional services fields including legal services, financial services, information technology, industrials and engineering, with a particular focus on mining services, he said.
Asteron Life had closed gaps in its travel coverage by ensuring all areas of travel other than war-zone exclusions were now covered, while it was also prepared to offer life coverage to those aged up to 80, Reddy said.
The new terms and conditions were specifically designed to appeal to advisers and insurance brokers, he said. Feedback from financial advisers suggested price is 80 to 90 per cent of the equation but engagement and execution is an important overlay.
Asteron Life executive general manager Jordan Hawke said flexibility had also been a key focus.
"Since re-pointing our strategy, our group risk business is gaining strong traction and we're building a good pipeline with a number of sizable wins," he said.
Asteron Life stated it saw an opportunity in the medium- to -small corporate market, providing insurance packages to company-sponsored and superannuation fund groups with anywhere from 50 to 5000 members.
"By focusing on this niche end of the market, we're confident this will help us grow a balanced, profitable and sustainable portfolio of business," Hawke said.
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