A freshly launched life insurer believes it is the "good news story" to come from the Royal Commission.
Speaking at the Sydney leg of a nationwide adviser roadshow, Integrity Life managing director Chris Powell said the firm was well positioned to take advantage of the scrutiny placed on existing life insurers, by building a new entrant without the "legacy issues" many of its competitors face.
"I think that in becoming the first new life insurer in some considerable time to launch into retail, we're actually the good news story that comes out of the Royal Commission," Powell said.
"We don't have the legacy issues. Everything is fresh and new.
"We've built our culture based around a clear purpose, living values, strong business DNA and I have to say, the best people we can find anywhere in the industry."
In pitching Integrity Life's new retail offering to advisers - who are said to have co-created the new solution with the startup - Powell said a key difference between the firm and existing life insurers is the clear regulatory and technological clean air in front of it.
He pointed out the "big life insurance institutions," would be preoccupied remediating customers and making significant system upgrades, while Integrity would focus on advisers and their clients.
"They're going to do things like focus on remediation of Royal Commission issues, integration of the businesses that they've acquired," he said.
"They're going to rebuild their corporate culture in line with the requirements of the Royal Commission. They have to replace their legacy systems, and we've already seen MLC start that process at a cost of $500 million.
"So I think that's going to leave them with really little time to actually focus on what's important, and that's customers."
Launched this week, Integrity's retail life insurance offering is modular, with new systems which are designed to allow advisers to quote with upfront certainty of price and outcome. Underwriting engine UnderwriteMe is also fully-integrated into the offering, and the startup said it's the only Australian insurer to use its full suite of features.
Powell said Integrity built itself around adviser feedback, noting advisers struggle with complicated processes, and are seeking better value-for-money pricing.
"We are delivering on these adviser requests to make selecting life insurance more straightforward and transparent for the adviser and, ultimately, their clients," he said.
"For example, using our integrated quote and pre-assessment tool allows advisers to immediately see if a clients' health conditions or pastimes result in a loading or exclusion and how these may impact their premiums."