Zurich Financial Services Australia Partnership
ALI Group partners with Zurich Financial Services Australia to improve product offering for mortgage brokers
27 May 2021 – Leading provider of financial protection to Australian home and property buyers, ALI Group, has entered a long-term partnership with Zurich Financial Services Australia (Zurich) to improve its product offering to mortgage brokers and their clients.
Zurich is a leading global insurer and Australia’s largest retail life insurer, serving more than 1.5 million Australian customers.
ALI Group Chief Executive Officer, Huy Truong, said bringing on Zurich as the new underwriter of life insurance product, My Protection Plan, builds on ALI’s leadership position with improving product and brand value for our broker partners and their clients.
“Zurich worked closely with our team to improve a number of key areas of our product proposition including having more serious illnesses covered and removing some key exclusions. In short, the changes will enable our clients to be better protected. Of course, Zurich’s brand will also help reassure broker partners and their clients that a global industry leader sits behind ALI’s products.”
The ALI team trained close to 3,000 brokers on the enhanced Zurich underwritten My Protection Plan and received positive feedback.
“The authorised brokers really appreciated the improved pre-existing medical condition exclusions, and in particular, the expansion of our Trauma Benefit coverage” says Truong.
The introduction of a new Specified Injury Benefit was also seen as an improvement, allowing policyholders to make multiple claims for different injuries and importantly, the claim can be made without a loss of income or waiting periods.
Truong said “ALI has enabled our broker partners to protect over 200,000 clients. These enhancements with Zurich will go a long way towards protecting more than 300,000 people.”
Zurich Chief Distribution Officer, Kieran Forde, highlighted the strategic attraction of being involved with ALI’s business and product. Forde said, “there’s a strong correlation between the need for financial protection and taking out a mortgage. Given ALI’s strong share of the market, its partnership approach in working with brokers, and most importantly its care for customers, an alliance between Zurich and ALI made perfect sense on both a commercial and a values basis.
“We respect Huy and the ALI team’s strong sense of purpose, its customer focus and capability. We have enjoyed applying our specialist expertise to the ALI proposition, to improve My Protection Plan for the benefit of brokers and their clients. We look forward to a long-term relationship with ALI and to support the broking channel as it continues its journey from lending to incorporating other value add products and services,” said Forde.
To celebrate this new partnership, ALI will be launching an education campaign for its authorised brokers this July called the A to Z of Client Protection. The campaign will provide guidance on how to have an effective risk discussion as part of the loan process, and the life changing impact My Protection Plan can have on clients’ lives.
About ALI Group
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist, that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands. Our customers may access insurances recommended by a financial adviser (retail), through their superannuation (Group), and via direct-to-consumer channels.
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