BT Financial Group (BTFG) has launched a new suite of insurance products, under the brand BT Life Insurance.
The new suite of products is particularly aimed at Australia's 15,000 independent financial advisers (IFAs).
It includes life insurance, total and permanent disablement insurance and income protection, and is underwritten by Westpac Life Insurance Services.
It also includes a fully integrated online portal that provides round the clock access to advisers and BTFG has even appointed an in-house chief medical officer.
"We've developed an IFA life insurance solution that's been specifically designed in partnership with advisers and includes market leading capability in each stage of the life insurance process," BTFG head of life insurance Phil Hay said.
"We've followed the advice process through from the start, beginning with the appointment an adviser makes with the client," Hay said.
The new system cuts the average time spent by advisers on filling out forms and has also sped up the claims process for clients.
The system, which has been in development for three years, allows IFAs to put their own brand on it and customise it to their clients needs.
"You can bring the products inside super or keep them outside super, or even have a permutation between the two," Hay said.
"Advisers also have flexibility in remuneration; they can choose commissions, fee-for-service, or a hybrid," he said.
Although the system is built with the help of IFAs, it is also accessible to Westpac aligned planners.
Hay did not want say how much the development of the new product suite and product tools had cost, but said between 200 and 300 people had been involved in the process.
"This is certainly one of the biggest projects undertaken by BTFG," he said.
"We've taken a clean sheet of paper and delivered an end-to-end solution that takes the best parts of product, technology and service, unlike other offers that retro-fit or consolidate legacy systems," Hay said.
