Powered by MOMENTUM MEDIA
the adviser logo
Lender

ALI Group partners with retail life insurer

by Malavika Santhebennur5 minute read
ALI Group partners with retail life insurer

The mortgage protection provider has partnered with Zurich Financial Services Australia to underwrite its life insurance product, My Protection Plan.

ALI Group has announced that it has entered into a long-term partnership with Zurich Financial Services Australia, with Zurich as the new underwriter of the loan protection provider’s life insurance product, My Protection Plan.

According to ALI Group, the partnership would improve its product offerings to mortgage brokers and their clients.

Commenting on the partnership, ALI Group CEO Huy Truong said: “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.

Advertisement
Advertisement

“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.”

Mr Truong added that ALI Group’s team has trained around 3,000 brokers on the Zurich-underwritten My Protection Plan insurance product, and that it has 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,” he said.

According to Mr Truong, the introduction of a new specified injury benefit has allowed policyholders to make multiple claims for different injuries, adding that the claim can be made without a loss of income or waiting periods.

He said that ALI Group has enabled broker partners to service over 200,000 clients, and the partnership with Zurich would service more than 300,000 clients.

Speaking of the partnership with ALI Group, Zurich chief distribution officer Kieran 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.”

ALI Group said it will be launching an education campaign for authorised brokers in July in the wake of its partnership with Zurich called the A to Z of Client Protection.

The campaign will provide guidance on how to conduct risk discussions as part of the loan process, the group said.

ALI Group has provided over $57 billion in cover for more than 212,000 customers, while almost 3,000 brokers nationwide are authorised to offer its products, it said.

[Related: Aggregator offers in-house loan processing support]

handshake

Malavika Santhebennur

Malavika Santhebennur

AUTHOR

Malavika Santhebennur is a content specialist at Momentum Media, focusing on mortgages and finance writing.

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

CEO Sleepout Pepper Money

Mortgage industry raises more than $160k in CEO Sleepout

On 23 June 2022, several CEOs and directors in the mortgage and finance industry spent a night without shelter to...

READ MORE
alex whitlock

New membership program revealed for The Adviser

Members will be able to access exclusive sales and marketing strategy, business intelligence and exclusive market...

READ MORE
Hot property TA

Hot Property: The biggest property headlines from the week 27 June to...

Welcome to The Adviser’s weekly round-up of the headline stories and news that are important not only for the...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more