MLC switches default premium option on adviser software
MLC has switched its default insurance premium option to level premiums for its life cover superannuation and personal protection portfolio products on its adviser quoting software.
The change will make it easier for advisers to demonstrate the value of holding insurance by automatically generating a level premium structure when providing an insurance quote for a client.
There has been a 73 per cent increase in new level premiums outside super and a 430 per cent increase inside super. Forty-three per cent of all new business is being written on level premiums inside superannuation.
MLC head of product insurance Sean McCormack said level premiums were an important tool for advisers to use with their clients to make insurance more affordable over the long term.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
