AMP Limited advisers have received an e-mail notifying them that AMP Life will no longer be accepting applications from customers into the standalone version of AMP Elevate from 31 January, 2019.
A copy of the e-mail dated 13 December and signed by Group Executive Insurance, Megan Beer, pointed to the processes that would be followed following the sale of the insurance business to Resolution Life and noting that “we are working hard to complete the transaction by the second half of 2019”.
However the document makes clear that Resolution Life wants to “focus on existing customers”.
“There are some required regulatory approvals and other conditions to meet, but our business has already started to plan the transition to Resolution Life, including setting up our technology systems, processes and identifying the team who will continue to support our products.”
“I want to confirm that AMP Life’s commitment to you and your clients is unchanged. We will continue to honour the promises made to existing customers.”
“As Resolution Life focuses on existing customers, we have made the decision to no longer accept applications from customers new to AMP Life into the standalone version of AMP Elevate from 31 January 2019,” the e-mail said. “For the time being, AMP Elevate will continue to accept new applications from customers who pay their premiums via one of AMP’s platforms such as North, Summit, Generations and iAccess.”
“AMP is considering alternative insurance options for customers using platforms and will update advisers when any decision is made.”
“Existing customers of AMP Life are unaffected by these changes and can continue to apply for AMP Elevate beyond 31 January.”
AMP has confirmed to Money Management that following its decision to sell Resolution Life, AMP Elevate would be closed to new applications from 31 January next year.
"Following the decision earlier this year to sell our insurance and mature businesses to Resolution Life, work is underway to transition our business," it said.
"As part of this planning, we will begin closing AMP Elevate insurance to applications from new customers from 31 January 2019. Existing AMP Life customers will not be affected and customers who pay for AMP Elevate through AMP platforms will continue to be able to make new applications beyond 31 January while we consider alternative platform-based providers. Our commitment to existing Elevate customers remains unchanged and we will continue to honour all promises made."