Netwealth digs up cheaper premiums from AIA
Australian platform provider netwealth has negotiated cheaper insurance premiums with AIA Australia on group life policy for SuperWrap members.
The company will be passing on reduced premiums to members with salary continuance insurance (SCI) cover as part of a broader insurance review and the renewal of a three-year contract with AIA.
Netwealth executive director Matt Heine said under the new arrangements, discounts to personal SCI premiums would vary by age, gender and benefit options.
“Depending on the level of cover and the associated benefit options, female members may be offered premiums that represent discounts of up to 49 per cent and male members may be offered … discounts of up to 30 per cent,” said Heine.
Heine added netwealth was looking at phase two, which would see more enhancements to the offering.
In addition to the reduction in premiums, netwealth will offer access to a new online application, LIFEapp, which will allow advisers to assess their clients’ life insurance needs, obtain quotes and apply for life cover online.
AUTHOR
Milana Pokrajac
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.
