Oasis replaces its insurance provider
ING Australia is to replace Tower as Oasis Asset Management’s group risk insurance provider offering cover to its 69,000 superannuation members.
Oasis managing director Wayne Lowe said ING was selected for the strength of its service offering and underwriting practices.
The platform’s tender process for selecting a new insurance provider involved an external consultant that focused on aspects of claims management, underwriting and the needs of advisers and their clients.
“Insurance is a very important part of platforms and, based on the tender results, the decision taken was that we feel the service offering and product design is better with ING,” Lowe said.
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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.
