AIA initiates LIF forums for advisers
AIA Australia has announced it will be hosting a series of forums directly aimed at helping life/risk advisers deal with the new Life Insurance Framework (LIF) remuneration environment.
The company said the forums would be held across all capital cities in September and October and were "designed to help advisers understand the potential impacts of the reforms on their businesses in the short to medium term".
The company said that, additionally, the forums would provide an opportunity for advisers to share their ideas and give feedback on future product design, and ways AIA Australia could improve overall service delivery.
It said that following the forums, AIA Australia would introduce several additional CDM Support and Business Growth ideas to support advisers.
Commenting on the initiative, AIA Australia chief retail insurance officer, Pina Sciarrone, said she believed it was important for advisers and insurers to work together in response to the industry-wide reforms.
"We understand that with the latest reforms, advisers are currently facing a difficult change to the way they do business. That's why we are fully committed to helping advisers transition in the best possible way to ensure both the sustainability of their businesses, and the ability of consumers to access quality advice and affordable life cover into the future," she said.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
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.
