AIA signs with HUB24
Life Insurer AIA Australia has signed with HUB24 to provide access to and management of its risk insurance products for financial planners via HUB24’s online platform.
The deal is the third of its type for AIA Australia in the last two years, driven by more advisers using online risk insurance product management platforms to manage their administration and compliance requirements.
AIA Australia general manager of life insurance Damien Mu said his company saw the benefit of platforms in reducing advisers’ administrative load and giving them more client-facing time.
“Platforms are a rapidly growing business channel for advisers because of their functionality. As a dedicated partnering specialist, it’s important AIA Australia continues to innovate in this area and make it as easy as possible for our adviser partners to manage their clients’ policies.”
HUB24 acting chief executive Jason Entwistle said adviser feedback for a wider range of risk insurance products was behind the addition of AIA Australia.
“Writing retail insurance via a platform makes a lot of sense for advisers, and it’s important that platform operators offer advisers sufficient choice to enable them to select the most appropriate solution for each client,” Entwistle said.
Mu said further distribution deals were likely to take place in the coming months as AIA Australia focussed on the area in supporting its adviser clients.
“We’re currently in talks with a number of platform providers who are looking to differentiate their offer with multiple insurance partners and, in such a growing segment, this is a great way to offer further business support for financial advisers.”
AUTHOR
Staff Writer
Recommended for you
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.
