AMP adds competitors to platform

AMP is adding other insurers' products to its platform as it records a whopping drop in risk sales for 2019.

AMP has partnered with AIA and TAL to expand the insurance products offered on its MyNorth platform.

Both insurance offers are available for financial advisers and super and pension clients of MyNorth, North, Summit, ipac iAccess and Generations.

It comes as Plan For Life Actuaries revealed life insurance risk premium inflows and sales ended 2019 down significantly.

The entire life insurance sector in Australia suffered a 24.2% hit to overall annual sales in 2019.

AMP suffered the most of all the insurers Plan For Life looked at, with a 63.8% drop in risk sales in 2019 compared with the year prior.

"Adding these high-quality insurers to our platform increases choice for advisers and clients, further strengthening AMP's wrap platform offer," AMP managing director super, retirement and platforms Lara Bourguignon said.

"The changes follow a year of significant investment and enhancements to our flagship MyNorth platform, including fee reductions, new managed portfolio offers and a range of technology and administrative upgrades."

Bourguignon hinted that the expanded insurance offerings are part of a new year resolution for the Australian wealth giant's platform business.

"With more external financial advisers and their clients adopting MyNorth, we'll continue investment and enhancements in 2020, including further building MyNorth's managed portfolio capability," she said.

Read more: MyNorthLara BourguignonLife ActuariesTAL
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