An ASX-listed mortgage broking firm has entered into a life insurance referral partnership with a TAL subsidiary.
Under the new arrangement, Australian Finance Group's 2850 brokers will be able to refer life insurance to clients via TAL's Lifebroker comparator service. Types of policies available through Lifeborker include income protection, total and permanent disability, trauma, business expense insurance and group insurance through superannuation.
"I'm delighted to announce that we have chosen Lifebroker, a TAL Group company, for our new life insurance referral service. This new arrangement strengthens our 10-year relationship with TAL and I'm pleased that we have been able to evolve our life insurance offering to better meet the needs of our broker's clients," AFG general manager broker and residential Mark Hewitt said.
"Lifebroker offers specialist life insurance comparison services, featuring eight of Australia's leading life insurance companies. With an extensive range of fully-underwritten products - equal to those accessed through a financial adviser - our clients can be confident that they are being looked after by the best in the industry."
Lifebroker chief executive Alex Homer added: "We look forward to working with AFG to give their clients more choice and control over their insurance options. Lifebroker's goal is to help Australians make better-informed decisions when it comes to life insurance and income protection cover, and this partnership will play a key role in enabling us to do this."
News of the partnership follows Strategic Insight research, which demonstrated that TAL continues to hold the largest share of Australia's $16.1 billion life insurance market. TAL recorded $2.9 billion in risk premiums, closely followed by AIA Australia with $2.3 billion in which the latter holds 14.5% of the market.
Strategic Insight also announced that TAL Life won its 2017 Direct Life Insurance Excellence Award.
Among the highlights, Zurich Australia received the Funeral Cover Level Premiums Award for American Express Funeral Advantage; OnePath Life won the Accident Cover Award; NobleOak Life received the TPD Award, while the Income Protection Award went to Suncorp Life for its Mystyle product.