Advisers boost Asteron's results
Asteron says more advisers are supporting the business which has helped it turn in a solid profit result.
Thursday, August 10th 2023, 10:28AM
Asteron Life increased its after-tax profit by $35 million compared to last year, reporting a $50 million in the recent financial year.
Asteron Life executive general manager, Grant Willis says the support and increasing engagement from independent financial advisers was the key factor in the new business growth.
He also called out the solid performance in the insurer’s direct channel (AA Life), and the entire Asteron Life team for strong and sustainable management of the overall business.
New business grew 25% during the year growth in new business, contributing to in-force premium growth of 6.7% which also benefitted from CPI and age-related premium growth.
Willis says the ongoing focus on ensuring that good customer outcomes are at the centre of all Asteron does is one of the reasons for its market-leading retention of existing policies and the strong underlying financial performance.
“We value our relationship with advisers and the partnership they have with us in supporting customers through every part of their life Insurance journey, from new business through to claims”
“We were independently rated number 1 this year for adviser relationships and claims management, with our adviser net promotor score (NPS) rising from 44% to 66%. This has contributed to a new business market share increase from 10.5 % -11.3% (March figures).
He says the company's claims acceptance ratio is averaging 94%.
"The company’s strong underlying financial result reflects the solid growth across the portfolio, with margin and net experience performance largely consistent with the prior year. The significant lift in overall net profit benefited from a more stable interest rate environment than the prior year, together with the net positive impacts of higher CPI assumptions on policy valuations."
Willis says the insurer is always looking for opportunities to enhance value for customers – an example this year has been the introduction of an enhanced virtual medical and wellbeing service, Asteron Life Connected Care, offering customers free access to medical advice from medical specialists, dieticians and fitness experts.
The service, offered in partnership with Teladoc Health, is available free of charge to all new and existing Asteron Life customers with eligible disability insurance, trauma cover and cancer cover. The service can also be used by the immediate customer’s partner, children, parents, and parents-in-law. It is a tool to encourage customers to understand and prioritise their physical and mental health and wellbeing, and access tangible benefits beyond just a claim situation.
“The benefits are designed to help Asteron customers and their families to live life to the fullest, with a team of medical specialists, dieticians and fitness experts available to create personalised plans to achieve health, fitness, and nutrition goals. Connected Care helps our customers make medical decisions with confidence when they are going through a tough time. This is what is meant by being Supporters for Life.”
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