There’s a new kid on the block in retail insurance, with Integrity Life yesterday launching into the market following a successful pilot program co-created with over 50 specialist risk advisers, with a key selling point being its lack of legacy constraints.
As part of this process, Integrity talked to advisers about their key frustrations with life insurers which its retail product, which would be focused on value-for-money and technology, then aimed to resolve.
Issues raised included a lack of transparency on product and price, opaqueness around product features, ancillary benefits and calculation of premiums, duplication of information in the application process, inefficiencies in navigating application forms, and wasted time when making changes to the application.
Integrity Life said that the product would be free of legacy constraints, offer robust medical definitions, a personalised claims process, and an overall transparent and fair insurance product. This would, of course, mitigate many of the issues heard in the insurance hearings of the Banking Royal Commission.
“Integrity means doing the right thing, even when no one is watching. We have set ourselves a high benchmark with our name, and we are committed to exceeding it,” Integrity Life managing director, Chris Powell, said on the launch.
“We will work with financial advisers to empower them to provide all Australians retail life insurance that delivers the best possible protection, straightforward medical definitions, and is free from the systemic problems that exist within legacy providers.”