Commonwealth Bank stakeholders have been notified of imminent changes to the retail distribution operations at CommInsure, with business development manager redundancies expected.
An email from CommInsure executive Olivia Sarah-Le Lacheur to the life company’s licensee and financial advice customers on 16 June, seen by InvestorDaily, explained that a number of changes to the distribution operation were imminent.
“In response to the changing market conditions and our intentions for the customer and adviser offers, CommInsure is making changes to its retail advice distribution team,” Ms Sarah-Le Lacheur wrote.
“In making this decision, I want to assure you that CommInsure remains committed to you and your advisers.”
Ms Sarah-Le Lacheur stressed that state-based leadership and national account management roles would not be impacted, but that advisers and licensees in NSW and Victoria may “experience a change in which dedicated BDMs service them”.
InvestorDaily sister title ifa has reported that the changes are expected to result in redundancies and exits from the group, with as many as 40 CBA staff members affected.
A Commonwealth Bank spokesperson confirmed that a number of “small changes” to the life insurance business have been made, citing a “competitive insurance market” as a driving factor.