The Lifestyle_ life and income protection insurance brand is set to disappear following TOWER’s decision to move to a phone-based business model.
TOWER, the listed life insurer behind the Lifestyle_ brand, said that while some brokers had benefited greatly from its face to face sales model Lifestyle_, it was now only suitable for around 10 per cent of brokers.
The new phone-based model will involve TOWER representatives calling customers on behalf of brokers instead, which it claims will continue to help brokers maintain ownership of customers.
“The phone-based model will respect brokers’ customer ownership by not competing with their core financing business and by paying commission for new and existing sales,” TOWER head of alliances Steve Netting said.
Mr Netting also stressed that TOWER remained committed to the broker channel and would continue to develop new ways for brokers to bring protection to Australians.
The new business model will be made available to the majority of Lifestyle_ brokers, he said, as well as new brokers “over time”.
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