Asteron (Australia) Proposes 'Naked Commission' Model

Asteron Life Australia has recently proposed a wholesale model in its confidential submission to John Trowbridge, LIAWG independent chairman.

Asteron Life executive manager Mark Vilo outlined the main points of its response to the Trowbridge Report and commented directly on the level commission proposals at a recent adviser roadshow in Sydney.

“One of the things we put forward in the response was the idea of having a form of naked or wholesale pricing, in the same way that the investment fraternity do,” he told the audience.

“The adviser acts as a wholesaler. If the client comes to Asteron Life, they pay the full rack rate, but if they go via adviser they get the wholesale rate and the advisers can dial up the fee.”

Please note this article refers to Asteron Australia

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Chris Bell Leaving Asteron Life

It is Chris Bell's last day as manager of the claims team at Asteron Life today as he leaves to pursue other interests. Many people will know and like Chris Bell's approach to the team, always exuding compassion, competence, and a balance which has made him widely respected. I have heard him talk about the claims process and managing disability claimants back to work - and it is an important and difficult task. He was part of my early career when he managed the underwriting team at Prudential. He will be missed. 

"Train Until You Want to Throw Up"

It is the antithesis of the online advert for "pills that melt belly fat" and it is the truth. Along with "eat lean" and "70% of how you look is about your diet" the other 30% is covered by "train until you want to throw up". There are no easy answers. From Asteron's excellent blog interview with Hugh Jackman. Link

Quality Product Research New Database Version 7.7a Now Live

Quality Product Research New Database Version 7.7a is now live on Quotemonster. Between 7.6 and 7.7 the following major changes were made: 

SBS - Life & Trauma rated.
AA Life - Income Cover (AV) rated.
AIA Life Cover rated.
AIA Trauma Cover (SA & Acc.) rated.
AIA Income (AV & Ind.) rated.
AIA Mortgage Repayment rated.
OnePath Redundancy Cover rated under all Income Products & Mortgage Repayment. Existing redundancy cover for all othe providers reviewed.
Sovereign review (Life & TPD & Mortgage Protection).
AMP RPP Income (total disability to age 70)
AMP RPP - 'future insurability' and 'special events' increase added to Life, Trauma & TPD.
Medical Review changes for Sov ans Accuro.
Product changes to Asteron Trauma Acc and Standalone

Version 7.7a has a minor fix incorporated and went live overnight. Subscribers to the database will receive in the database in the usual way. Users of the Quotemonster site are already using the new database. 

28 Companies Now Researched by Quality Product Research

The New Zealand insurance market is richer, bigger, and more complex than you might suspect. Through adviser demand Quality Product Research has expanded the number of companies researched to 28, and that number is still likely to rise. 

If, like most advisers, you don't use anything like that number of companies, they may still be useful to you:

  • You may come across their products in the market and wish to do a comparison.
  • You may be looking for a product solution for a client and find it is offered by an insurer you were unaware of.
  • You may be approached by a new company and wish to build competence in advising on their products before you talk to clients about them. 

You can check out the full list at the Quotemonster blog


Seven Insurers Changed Product or Pricing in the Last Quarter

After a slow first half of the year the pace of change has pushed back above the trend line with seven companies changing product or price (or both) in the past quarter. 

  • Accuro
  • AIA
  • Asteron
  • Partners Life
  • Southern Cross
  • Sovereign

We report on each one as they come up, but it is worth reflecting the number as a whole. If you are not watching the market bear in mind that your perceptions of price and product competitiveness can quickly get out of date with this rate of change. 

Premium Comparison Database Upgrade Version 71

Version 71 of the Premium Comparison database have been uploaded to Dropbox for subscribers, or made available in your preferred delivery mechanism. 

Updated prices for Asteron LOE, LOE Plus and Mortgage Protection. Please note that we are now including Increasing Claim for Asteron Mortgage Protection, which wasn't included previously. The prices have gone up by approx. 5% but the Rate Change tables are showing larger increases due to this change. When the other companies do pricing updates in the future we will endeavour to quote the equivalent prices - but there remains a number of Mortgage Repayment Covers which do not include an indexation option.