Zurich has released its plan to help support advisers with the Life Insurance Framework (LIF), which is expected to take effect on 1 July 2016.
Zurich said its plan - titled Blueprint for the Future - focuses on five areas to help advisers position themselves ahead of the introduction of the LIF.
These areas include product innovation, efficiency, business marketing and management, customer care and advocacy, and best practice.
Commenting on the launch of the Blueprint, head of distribution for Zurich’s life and investments business Kristine Brooks said the LIF represented the risk sector’s “most significant changes in decades” and that a “partnership” approach was important to adapting and leveraging the changes.
“The Blueprint represents all the practical ways advisers have told us they want to be supported,” Ms Brooks said.
“For example, efficiency is a key focus for advisers right now, so we are concentrating on those technology-based initiatives that can bring greater efficiency to all aspects of the advice value chain, including the initial client engagement and onboarding and ongoing client management, as well as the obvious areas like the new business and underwriting processes,” she said.
Ms Brooks also said the company is looking at what advisers are looking for, and client needs.
“Our recently-released risk product update was very carefully thought through, with advisers having made it clear customers are seeking more simplicity, more affordability and more sustainability.
“So that’s what we delivered, with a simpler pricing structure that was reflected in lower term and TPD rates, and our new Income Protector range, which has a more sustainable design and pricing.
“Our two-year rate certainty commitment was designed to give advisers and customers more certainty and stability too,” said Ms Brooks.