The past five years have seen radical changes across both the manufacturing and distribution of life insurance. During that time, we've seen sweeping reforms across the industry and greater scrutiny on how consumers access life insurance products.
Recent research from Real Insurance and CoreData found that a quarter of Australian parents spend an hour or more every day worrying about their families; 37.8% of those surveyed had no life insurance and 22.5% felt their existing level of insurance was insufficient to meet their needs. It's in this environment that insurers are having to collaborate with their distribution partners to help address Australia's underinsurance gap and deliver consumers the policies they really need.
In this edition, we look at one insurer doing just that: AIA Australia is designing new approaches to life insurance product structures so as to increase predictability and affordability. Responding to customer feedback, the insurer is broadening its product suite so that everyone can get the cover they need.
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