MLC switches default premium option on adviser software
MLC has switched its default insurance premium option to level premiums for its life cover superannuation and personal protection portfolio products on its adviser quoting software.
The change will make it easier for advisers to demonstrate the value of holding insurance by automatically generating a level premium structure when providing an insurance quote for a client.
There has been a 73 per cent increase in new level premiums outside super and a 430 per cent increase inside super. Forty-three per cent of all new business is being written on level premiums inside superannuation.
MLC head of product insurance Sean McCormack said level premiums were an important tool for advisers to use with their clients to make insurance more affordable over the long term.
AUTHOR
Benjamin Levy
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
