10 Aug A Look at What Lies Ahead
The next 12 months will be a landmark year in the service delivery of MBS Insurance and, more specifically, the continued ambition to deliver better outcomes to our mutual clients. Life Insurance advice has traditionally maintained a culture of set and forget, a culture that we have ambitiously sought to disrupt.
Investing in engagement
Discounted policies for new and existing clients, improved policy terms and dedicated claims services will continue to remain a priority, however we are striving for unparalleled client engagement.
Advice process:
This will realise a significant overhaul, resulting in efficient and engaging delivery. Advice creation will be streamlined and delivered to the client on an instructive and personalised basis across multiple devices.
Policy renewals:
Clients with multiple policies renewing at different times leads to confusing correspondence coming directly from the Insurer. This is a one area we are working with Insurers to improve on.
Anniversary research:
Currently, clients receive renewal notices four to six weeks prior to their policy anniversary, which is the same time as their nominated adviser receives the notification. This longstanding process leads to reactive due diligence and often creates a disconnect between the client, their policies, and the adviser. The new software platform is being designed to collect the renewal data shortly after midnight, review the prior application for health issues, compare the quality and price of the portfolio versus what is available to the MBS Insurance adviser, analyse the premium increase by dollar and percentage for the last few years and provide a detailed report. The adviser will then have the necessary information to connect with the client to inform and explore opportunities.
Client portal:
The archaic manner in which we are required to request tax statements and change addresses, direct debit forms, policy owner details etc will be changing to improve the connectivity of the client and their portfolio. Clients will have online access, however we will not be diminishing our full-service proposition, nor the clients access to our team.
Claims management:
We are investing heavily in this important area of the client experience. Accountability and delivery on expectations is paramount during claim time.
We are determined to deliver better outcomes and the constant pursuit of improvement. We value the relationships that we maintain at a business, personal and client level as we drive towards an unparalleled Life Insurance client offering.
The need for quality advice and portfolio management
Our partner firms and advisers are aligned in acknowledging the need for quality advice and portfolio management. An objective internally is to improve the connectivity and rhythm between our advisers and their introducers.
Change has been constant within Life Insurance and this will continue for some time yet. Recently the establishment of new Agreed Income Protection policies were discontinued along with guaranteed renewability on policy wording. Insurer profitability captured by the following APRA charts suggest that this journey will continue.
For your clients managed by MBS Insurance, we are proactively working hard to deliver better outcomes. For your clients not yet with MBS Insurance, please orchestrate an introduction so that we (together), at the very least, can provide a comprehensive and complimentary review of their circumstances and portfolio.
Reference: https://www.apra.gov.au/quarterly-life-insurance-performance-statistics