New insurance solution LifeProtect is now available through the Avanteos platform.
Wrap platform administrator Avanteos has partnered with CommInsure to launch LifeProtect, a new insurance solution, which is now available through the Avanteos platform.
LifeProtect provides life, total and permanent disablement (TPD), and income protection insurance to members - within their superannuation portfolio.
LifeProtect is a new approach to providing life insurance on platforms, Avanteos chief executive Chris Stevens said.
"Using the combined experience of CommInsure and Avanteos, LifeProtect is a hybrid product that offers the best of both worlds - enhanced retail-style terms and conditions within a wholesale group policy structure," he said.
Through LifeProtect, advisers can select insurance online when establishing a new super account on the Avanteos platform, which will also enable immediate short-form underwriting acceptance up to an agreed level of cover.
"Importantly, advisers have direct access to CommInsure for queries and status updates on claims and underwriting cases," Stevens said.
The new insurance model on the Avanteos platform also enables advisers, dealer groups and brokers the choice to label it with their own brand.
Detailed reports, including outstanding claims and underwriting statuses, are also available and the design also provides for separate commission payments and reporting.
"With the addition of LifeProtect, together with our managed account solution launched last month, we are continuing to lead the way in providing complete platform solutions for dealer groups and advisers," Stevens said.
In Part 2 of our exclusive series, we ask leading names to nominate their best investments, the most effective industry group and the importance of platforms.
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