AIA Australia has expanded its Priority Protection insurance range by adding three new adviser platforms, called PortfolioCare, WealthView and PowerWrap.
“Platforms are a rapidly growing business channel for advisers because of their functionality,” the company’s life insurance general manager Damien Mu said.
Over a third of all risk business in Australia is written through platforms, according to a 2011 CoreData risk survey.
Feedback from advisers using AIA’s retail insurance solutions via one of these platform partners shows this market will continue to grow, said Mu.
“Advisers are attracted to the convenience of operating via a platform as it allows them to streamline administrative and compliance requirements.
“At the same time, platforms are looking to broaden the scope of their offering to advisers by providing a competitive range of insurance products as a complement to their client’s investments.”
AIA, the country's largest group life insurer by market share, will be proactive in taking on more partnership opportunities throughout the next year, he said.
Over the past two years, the company has launched eight new partnerships with wealth management platforms.