Lumley looks to link with planning groups

The Lumley Life group has announced that it is looking to forge closer ties with financial planning groups in an effort to boost the distribution of its specialist life insurance products.

Lumley managing director Geoff Black says the group is prepared to tailor its insurance products to meet the particular needs of planning groups in order to foster stronger links with financial advisers.

The announcement comes as the Lumley group passes the $100 million mark for annual premium income for the first time.

Black says the milestone could be attributed to Lumley’s willingness to redesign traditional life insurance products based on feedback from financial advisers.

In March, Lumley launched a new critical illness insurance product with tighter definitions for certain critical illnesses after conducting research with financial planners.

"The fact that we are prepared to go back to first principles and design products from scratch when the traditional model needs attention…demonstrates our commitment to ensuring our products move with the changing needs of our clients," Black says.

Black says Lumley’s primary focus going forward would be to develop insurance products in conjunction with financial planning groups.

"We are looking to build closer relationships with adviser groups, to provide the specialised risk protection products they need,” he says.