Digital insurance tools fuel adviser business, not replace it

Westpac customers can now get their insurance through their banking app, thanks to a tie-up with Fidelity Life. The bank appears to be throwing significant resources into its digital tools, having partnered with Dosh to offer home loans back in March.

The new Westpac-Fidelity tool - called the LifeProtect Guide - asks about income, employment status, lifestyle, and personal priorities, and offers recommendations for life and income protection. Fidelity Life Chief Commercial Officer Bronwyn Kirwan said the guide aims to “make it easier for customers to work out what’s right for them.”

Notably, customers can look at coverage and explore the impact on costs without initially needing to consult an adviser.

Specialist advisers see opportunity