BT’s life offering to target IFAs
BT Financial Group will soon roll out its enhanced life offering, called BT Protection Plans, which will target independent financial advisers (IFA).
BT’s head of life insurance Phil Hay said the offering was developed over three years in response to feedback from the independent adviser network.
“We spent six months looking at their [independent financial advisers] process of offering the full advice and we built a solution around their process,” Hay said.
BT Protection Plans was built on the company’s existing life products, but with new features including 24/7 access to clients’ information, offering insurance inside and outside of superannuation, and a fee-for-service remuneration model with an option for unbundled commission.
The product suite would also include a tele-claims service, which Hay said proved to be popular with advisers since its launch in March 2010.
Around 25 per cent of all claims were made via telephone without the requirement of claim forms, according to Hay.
BT Protection Plans will be rolled out under the new brand BT Insurance to 15,000 independent financial advisers on 21 February, 2011.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
