Zurich Australia has launched a new consumer-facing life insurance app to assist advisers in improving the financial literacy of their clients.
In a statement issued by the life insurer, Zurich said the app is in response to research it conducted which revealed a “significant gap” in consumers’ understanding of life insurance and other risk management mechanisms.
“The 2014 white paper, Australians and life insurance: misinformed, misinsured?, identified a deep lack of understanding amongst consumers around the different types of life insurance and their interaction with the NDIS, Centrelink and Workcover,” the statement said.
“Zurich commissioned the app after recognising the pivotal role financial advisers can and do play in improving financial literacy.
“The design of the app marries the interactive engagement benefits of mobile tablets with extensive research into effective learning styles,” it said.
Zurich's head of sales strategies and research for life insurance and investments, Andy Marshall, said technology has been designed to help close the financial literacy gap.
“By improving the extent to which customers understand the advice they have been given, they are more likely to appreciate the value of that advice and the value of the solutions recommended,” Mr Marshall said.
“In turn they are more likely to become an advocate for the power of expert, tailored advice."
Zurich added that the launch of the new app forms part of the company’s life insurance update, which it initiated on 1 March 2015.