August 07, 2020

August 07, 2020 | Adviser News


Our commitment to our partners and customers remains unwavering

Welcome to our August edition of Adviser News. We are all working hard to keep COVID-19 under control, but in particular our thoughts are with our colleagues, partners and customers in Victoria.


We are reaching out to see how we can best support those impacted by Stage 4 lockdowns, and I urge you to reach out to your BDMs if you need support. We have resources available for you to use and a collection of articles and tools available to share with your staff and your customers. The Zurich and OnePath team are here for you if you need support.

We are also working with our partners at UHG to help any customers currently going through underwriting in the Melbourne metropolitan area, as mobile health screening services are not available. Your clients will have the option to attend a clinic or postpone until restrictions are lifted. Please speak to an underwriter or BDM for more details.

https://www.zurich.com.au/advisers/tools-and-resources/adviser-covid19-resources.html

Across the Zurich and OnePath businesses we are seeing more customers claim on their policy every year1. One reason is that Australians are living more active lifestyles which means we are engaging in activities that have potential high-risk consequences2.

However, as we have seen recently during the Financial Services Council Life Insurance Summit, the biggest increase in claims aligns to one of Australia’s biggest and growing health burdens: Mental Health [link to MH&W Hub]. Medically, we still know relatively little about mental health conditions3, although the statistics shows that 1 in 5 Australians will be affected by a mental health condition every year4.

These statistics provide challenges for all insurers, with the pressure on us to ensure our products stand up to the rigors and challenges facing modern society. A challenge we are proud to take on, now and into the future.

Below is a detailed breakdown of our claim statistics and some emotional video testimonials that speak to the heart of why we do what we do.

To combat these challenges, we have joined forces with our industry peers and key industry bodies to embark on research to understand what customers and the community expects of life insurance. It was undertaken by NMG on behalf of the “Choice and Access to Life Insurance” (CALI) group, which includes Zurich, OnePath, TAL, AIA, MLC, the AFA, FPA and FSC.

The research is heartening in many ways – it has many important key findings and shows Australians are very reasonable in their expectations of what life insurance is there to do and who should offer it.

 

A key finding of the research was while Australians’ see the value of life insurance, their expectations of how life insurance will support them through certain life stages does not match the reality of how we are insured. Underinsurance is rife, particularly amongst younger cohorts.

Just as COVID-19 has helped us re-assess and appreciate a more “back to basics” approach in our lives, there is a similar opportunity in life insurance. Affordability is a particularly paramount theme.  No matter what our circumstances, there is now a natural resistance to anything “gold plated.”

The research that Zurich and the CALI group commissioned provides us with a north star to understand what modern Australians want. We have provided a link here so you can read through this important research.

https://www.zurich.com.au/news/media-releases/2020/access-denied-regulatory-disruption-making-it-harder-for-australians-to-obtain-life-insurance.html

Our commitment to Australian customers remains unwavering; our partners can continue to recommend our product suites with confidence to their clients. We are investing in our industry leading people and teams and our technology capabilities will only improve into the future.

Thank you to everyone who has tuned into our Virtual Conference Series – Reimagine Change. A quick reminder that these are available to watch through _ZONE education should you need some positive inspo and balance at the moment.

And finally, Zurich Investments Concentrated Global Growth Fund has won Global Equities Fund of the Year in the 2020 Money Management Fund Manager of the Year Awards last week! Thanks to Money Management Australia and the judges for the recognition. We couldn’t be prouder of our team and our partners American Century Investments. Find out more about the fund at zurich.com.au/concentratedglobalgrowth

 

References

  1. Visit onepath.com.au or zurich.com.au for more information on our claims statistics.
  2. https://www.aihw.gov.au/reports-data/health-conditions-disability-deaths/injury/overview
  3. https://hmri.org.au/research/brain-mental-health/stress-and-addictive-disorders
  4. https://www.zurich.com.au/content/dam/au-documents/advisers/life-insurance/marketing/mental-health-faq.pdf

August 07, 2020

The Ages and Stages of Gut Health + A Self-care Massage

When it comes to learning about gut health, and how to give your digestive system what it needs, it’s helpful to understand how a healthy gut microbiome is formed.

August 07, 2020

There’s no 'I' in team…but there is an 'm' and an 'e'

What attributes make a strong and successful team? Do you strive for a ‘team of champions’ or a ‘champion team’? Tackle Your Feelings Program Psychologist Luke Jankie takes a look into the psychology theory around this age old question and draws from the recent Michael Jordan documentary ‘The Last Dance’.

August 07, 2020

The Zurich Adviser Portal just got smarter and more seamless

The Zurich Adviser Portal gives advisers ultimate efficiency when dealing with an insurer – and with our latest enhancements it’s smarter and more seamless than ever before.

August 07, 2020

Key findings of CALI’s Challenges confronting the Australian Life Insurance research released

New research by industry campaign Choice & Access to Life Insurance (CALI) warns that if governments and regulators fail to act, then underinsurance will continue to increase across parts of the community as access to advised life insurance becomes further limited. Zurich and OnePath were key contributors alongside a consortium of other life insurers...

August 04, 2020

COVID-19 Stimulus packages - Adviser resources

With the pandemic response in Australia evolving rapidly, it’s easy to lose track of the latest information. We’ve been monitoring the situation and have developed resources to support you so you can focus on helping your clients.

April 19, 2021

Weekly Market Update

Weekly Macro & Markets View