IUS forms new insurance proposition with Cuna
Group income protection specialist International Underwriting Services (IUS) is set to position itself as a new player in the Australian life insurance market, claiming to offer the most cost efficient and client responsive insurance solution available.
The announcement follows IUS agreeing to enter into a strategic partnership with Cuna Mutual Group to deliver insurance protection to the members of industry superannuation funds.
Under the alliance, Cuna Mutual Life Australia will underwrite the products and IUS will distribute them.
Both companies believe the agreement will provide trustees with an attractive alternative to most traditional insurers operating in a market they describe as currently not receiving optimal products and services.
According to IUS, the growth of the superannuation industry over recent years has created an opportunity for a fresh direction in the group life insurance field.
IUS Life general manager Phil Collins said the pair would be able to provide a “very value-added service to the market”.
Recommended for you
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.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
