Wealthsure selects five preferred life insurers.

Dealer group Wealthsure has entered strategic partnerships with five new life insurers, rationalising an existing 19 relationships.

Director Darren Pawski said the 300-member adviser group has gone down a strategic path with AIA, AXA, Asteron, Aviva and Tower.

Pawski said the new strategic relationships came it into effect on September 1, although a transition arrangement would continue with the other 14 insurers at the same time.

“Obviously we can't cut the ties with those other 14 insurers at the moment because this is a work in progress.

“Over the next 12 months, however, we are intending to put the majority of our business with our five preferred insurers."

Pawski said the rationalisation had become necessary because of the costs and difficulties of continuously updating planners in regard to product changes and ensuring they understand the products of 19 insurers.

“The benefits of the rationalisation will lie in better support from those insurers for its advisers because we will be able to work a lot more closely with them.

“Another benefit is that we will have underwriters appointed specifically for our own group by our preferred insurers, ensuring us a better service,” he said.