Platform provider Praemium has launched a new insurance offering through its SMARTwrap and V-Wrap platforms, signing TAL as the underlying insurer.
Announcing what the group said was one of Australia’s first fully flexible insurance solutions, Praemium’s group chief executive officer Arthur Naoumidis (pictured) said introducing insurance options was a natural progression for platforms.
Naoumidis added advisers would be able to structure their revenue model as a consequence of the proposed changes for life insurance under superannuation that were announced last month as part of the Future of Financial Advice reforms.
“In addition, the importance of life insurance and income protection within an overall wealth protection solution will be elevated because each investor’s portfolio summary will also show their level of insurance cover,” he said.
TAL’s chief executive officer for retail life Brett Clark said the insurer strongly supported flexibility and choice in product remuneration structures, acknowledging “the significant underinsurance gap in Australia”.
