Direct life insurance

ASIC turns fire on ?inappropriate sales tactics? in direct life - Life Insurance - Insurance News -

ASIC turns fire on?inappropriate sales tactics? in direct life Direct life insurance is to face the same scrutiny as advised sales, according to the Australian Securities and Investments Commission (ASIC). In a submission to a Senate inquiry into consumer protection in banking and insurance, the regulator says a recent review “identified potential issues in sales practices for direct or non-advised policies. This distribution channel had the highest average declined claim rates – compared to retail and group policies – and generally higher lapse rates. “This may indicate that inappropriate sales tactics are being used to sell these products to consumers.” ASIC...

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Direct Life Insurance Report - Wearables could shrink lapse rates Shifting Gears - Life insurance tech insights

Direct Life Insurance Report - Wearables could shrink lapse rates For years, lapse rates in life insurance have been climbing. In Strategic Insight’s Direct Life Insurance Report 2016, the study found life insurance lapse rates in Australia had increased substantially in the last decade. For Direct Lump Sum Life Insurance for example, lapse rates have increased significantly. Comparing two studies outlined in the report, one covering 2008-2010 direct sales and the other covering 2010-2012; the first showed a total 62.6% lapse rate after 5 years, and the latter, after just 3 years had already hit a lapse rate of 59.9%. This suggests quite strongly that the 2010-2012 lapse rate is on track...

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Banking Royal Commission: Dodgy life insurance under the microscope

Not our intention to sell ‘rubbish products’, life insurance firm claims A LIFE insurance firm forced to refund $1.5 million to customers says if its products are deemed to be “rubbish”, it will stop. A SENIOR executive of a life insurance firm accused of using unfair sales practices to target vulnerable consumers has told the Banking Royal Commission “as far as I know” the intention was “not to offer rubbish products to the market”. ClearView chief actuary and risk officer Greg Martin was the first in the hot seat as the commission resumed for its sixth round of hearings today, this time focusing on dodgy insurance. The company earlier this year refunded $1.5 million to 16,000 customers...

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ASIC s review of direct life insurance the results are in Insurance Flashlight

ASIC’s review of direct life insurance – the results are in Late last week, ASIC released Report 587 on the sale of direct life insurance, revealing that its has found that sales practices and product design are leading to poor consumer outcomes. Direct life insurance products are sold within a general advice or no advice model. Throughout 2017-18 ASIC has conducted a multi-stage review of the sale of direct life insurance, including term life, accidental death, trauma, total and permanent disability and income protection insurance. The release of Report 587 follows action taken by ASIC earlier this year against ClearView Life Assurance Limited that resulted in customer...

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ASIC review into the sale of direct life insurance products - Summary of ASIC report 587 and ASIC report 588 review into the sale of direct life insurance products - MinterEllison

Introduction The Australian Securities and Investment Commission (ASIC) has released the findings of its review into the sale of direct life insurance products in the form of two reports: (ASIC) Report 587: The sale of direct life insurance and ASIC Report 588 Consumers' experiences with the sale of direct life insurance. Ultimately, ASIC found that sales practices and product design are leading to poor consumer outcomes and has outlined its expectations of industry to improve. About the review The purpose of the review was to explore whether, and how, the way direct life insurance products are designed and sold contributes to poor consumer outcomes. The review included term life, trauma,...

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Direct Life Insurance - Investigation, Bannister Law

Bannister Law is investigating a potential class action against insurers who sold life insurance directly to consumers or through certain distributors. These insurers and distributors include: ClearView Life Assurance Limited; Suncorp Life & Superannuation Limited; The Colonial Mutual Life Assurance Society Limited; Auto & General Services Pty Ltd selling on behalf of Hannover Life Re of Australasia Ltd; Greenstone Financial Services Pty Ltd selling on behalf of Hannover Life Re of Australasia Ltd; Select AFSL Pty Ltd selling on behalf of St Andrew’s Life Insurance Pty Ltd; and Freedom Insurance Pty Ltd. Direct life insurance is a term used to describe life insurance that is not...

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Australia: Direct life insurance market sees high cancellation rates and poor claims outcomes

Australia: Direct life insurance market sees high cancellation rates and poor claims outcomes ASIC's review reveals that consumers are cancelling their policies in very high numbers: one in five of all policies taken out were cancelled in the cooling off period one in four of all policies that remained in force beyond the cooling off period were cancelled within 12 months three in five of all policies sold were cancelled within three years. life insurance sold direct compares poorly with other channels when it comes to claims: 15% of claims are declined, with 27% of claims withdrawn. “Life insurance is a long term product but cancellation rates and poor claim outcomes show that...

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Matrix Direct Life Insurance? -

If you are looking for some concrete information about Matrix Direct Life Insurance you have come to the right place! Here at InsureChance, we provide the most unbiased and informative articles possible for consumers to make their own conclusions without having our opinions shoved down your throat! Matrix Direct Life is a big call center who got bought out in 2007 by AIG and are currently rebranding to AIG Direct. The following are some key points; 1. Matrix Direct Life was founded in 1995 with the goal of providing simple and straightforward Term Life insurance protection. 2. According to the Better Business Bureau, Matrix Life is rated an A+ which means that they provide very good...

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Lidma Inc. - Home Page

Why Belong? LIDMA is the premier non-profit organization dedicated specifically to supporting businesses and professionals active in direct sales of term life insurance products to this arena, LIDMA member life insurance direct marketers, carriers, exam companies and business partners work collaboratively to enhance business models for increased efficiencies to facilitate a more streamlined experience for consumers and the companies dedicated to this industry segment. LIDMA 15th Annual Conference Registration Open! The Life Insurance Direct Marketing Association (LIDMA) is pleased to announce tregistration is open for the 15th Annual LIDMA Conference & Showcase to be held October 14 at...

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Can You Save Money Buying Direct From a Life Insurance Company? -

Is there a nook somewhere in the global economy where you couldn’t save money by buying direct from the provider of the product or service? As the saying goes, never say never, and it richly applies when it comes to buying life insurance. You can buy life insurance direct, but it won’t save you any money. Worse, it may very well end up costing you money in ways that you never thought of. Some of that cost will be in the form of a lot of extra effort on your part. But some of it will also play out with higher premiums. Here are just a few of the reasons why you don’t want to buy life insurance direct from an insurance company. You’ll Be Limited by the Products One Company Has Anytime you buy...

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