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Is the Life Insurance industry napping?
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Earlier this year we commissioned an independent consultant to conduct research into the Australian Life Insurance industry. The outcome of the research was published as a report in the Australian Journal of Financial Planning . http://www.jofp.com.au/media/library/CPD/PDFs/Journals/Financial%20Planning/Volume%205/Volume%201/JFP-v5n01_Fourie_2010.pdf The report contains the views and opinions of a group of thought leaders the authors have identified within the Australian Life Insurance industry. The responses to the questions asked have provided interesting insights into how the industry operates, the challenges the various participants in the industry face and the future direction the Life Insurance industry may take. The report alludes to various reasons why Australia has a chronic under-insurance problem. These reasons include: • The Life Insurance industry for a long time has been ‘sleeping’ and a little complacent. • The industry as a whole has focused too much on the needs of specific distribution channels rather than the end-consumer. • Until the recent global financial crisis, Life Insurance has largely been seen as the `poor cousin’ within the financial services industry – playing second fiddle to the more high profile areas of funds management and superannuation. The report suggests a number of action steps around the core need for an improved working dynamic between life offices, reinsurers, distributors, advisers & technology vendors in meeting the Life Insurance needs of the end consumer. Enjoy the reading! Bye for now, John Groves |
| Tags : Life Insurance, Superannuation, Investment, software, platform, wrap, unit trust, administration software, straight through processing, STP. John Groves, Fintechnix, Sydney |
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