2013 Risk winners named
OnePath has been named Money Management/DEXX&R Risk Company of the Year for the fourth consecutive year, ahead of TAL and MLC.
DEXX&R managing director Mark Kachor said that while the gap between OnePath and competitors had narrowed, enhancements made to competing products had not lifted them above and beyond those offered by OnePath.
OnePath head of retail risk insurance Gerard Kerr said the insurer had continued to focus on its product offering and service proposition in a market that had passed through significant structural change — but was still tackling changes in consumer needs and demands around risk insurance.
TAL continued to perform strongly in the awards, securing silver for the third year in a row, while MLC returned to the winner's circle after being absent for some years.
All three insurers figured highly across the six product categories in this year's award, now in their tenth year, which included two new categories: Personal Super Term and TPD Rider Product, and Personal Super Disability Income Product. The existing categories are: Term and TPD Rider Product, Trauma Rider Product, Disability Income Product and Business Overhead Product.
Under the new categories some new entrants — including industry fund insurance products - appear in the awards for the first time.
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Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
