Platform reveals new insurance offering

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Last week, Netwealth executive director Matt Heine told Wealth Professional that the platform would soon be adding another insurer to their LifeWrap facility.

That insurer has now been announced as Zurich Financial Services Australia.

“The addition and integration of Zurich life products into our Super and Investment suite provides our members and investors with choice not available elsewhere in the platform market,” says Heine. “Zurich’s focus on key market segments and commitment to technology made them a natural partner.”

Zurich’s general manager, Retail Life & Investments Philip Kewin says risk on platform is a rapidly growing market segment.

Marc Fabris, national manager for sales strategies and research says that the increased flexibility of platforms, as well as enormous pressure from advisers, is behind the growth.

Rather than using multiple platforms, advisers may start favouring one platform above others, so it is important for them to have a range of insurance options available, says Fabris.

“You need to be dealing with two or three different insurers, as risk advisers, to meet all the needs of your clients.”

Advisers are likely to see more insurance offerings on platforms in the future, as Zurich is in ‘more than talks’ with a few more platforms.

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