Zurich Australia head of adviser channel Kieran Forde and Hayes & Co director and financial adviser Katherine Hayes join Professional Planner editor Chris Dastoor to discuss the current landscape and future outlook of Australia’s life insurance advice sector.
Forde highlights that while the retail life insurance market generates approximately $9.3 billion in annual premiums, growth has been modest, primarily driven by price increases rather than new customer acquisition. Notably, only about one-third of financial advisers engage in risk advice, with a small fraction responsible for the majority of new business.
Hayes shares insights on the challenges advisers face, including navigating complex regulatory changes and the need for specialised knowledge in risk advice. The conversation underscores the importance of technological advancements and tailored training to support advisers in delivering quality risk advice.
Overall, the episode underscores the critical need for increased participation in risk advice among advisers and the adoption of innovative solutions to address underinsurance and ensure the sector’s long-term viability.
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