ING improves life software
ING's life insurance software, Dynamic Application, will now allow advisers to quickly produce an application form pre-populated with a client's personal details along with policy, payment and beneficiary details. The software differentiates between male and female applicants, cover types and sum insured levels.
Macquarie allows for UK pension transfer
Macquarie Wrap has been registered as a Qualifying Recognised Overseas Pension Scheme, paving the way for Australians to transfer their UK pensions to Australia. "For many expats this may be the year to get their overseas super into an Australian fund in one hop and to take advantage of the one-off $1 million contribution cap," Macquarie head of technical services David Shirlow said. The service will be available through the Macquarie Super and Pension Manger from May 1, 2007. For advisers using Macquarie Wrap there is no need to wait for the May deadline.
BlackRock earns recommended rating
Ratings agency Lonsec has awarded BlackRock's Merrill Lynch Global Small Cap Fund a recommended rating. The recent appointment of the BlackRock Global Opportunities team to manage the fund in Philadelphia follows previous London-based management of the fund by four regional teams. This more flexible approach to regional asset allocation allows the fund to take full advantage of the Global Opportunities team's strong bottom-up investment process," BlackRock managing director Maurice O'Shannassy said.
Fifth private equity raising
ING Investment Management has launched a fourth wholesale private equity fund of fund. The fund will invest in up to 10 underlying private equity funds to provide exposure to up to 100 private equity investments across Australia and New Zealand, with an emphasis on lower-risk, later-stage companies. The fund will aim to achieve a 20 per cent internal rate of return and is targeting a portfolio size of around $325 million. In 2004, ING established Australia's first listed private equity fund of funds - ING Private Equity Access, aimed at smaller investors.
Insurers race to improve risk
Insurers are in the race to offer better risk cover. Zurich has announced it will offer a higher level of insurance cover of up to $3 million for total and permanent disability (TPD). Improved definitions will also apply to trauma conditions, such as cancer and stroke, and angioplasty as well as income replacement. The maximum entry age for most of its products has increased. Meanwhile, CommInsure will drop risk premiums by 15 per cent and make 23 changes to its retail risk products. They include changes to the female-specific trauma conditions and premium reductions to life, trauma and TPD cover. ING has increased TPD for stay-at-home parents by $1 million. The required level of TPD cover for homemakers is usually determined in consultation between an adviser and the client, but it was previously capped at $500,000. It is now $1.5 million.
Aviva to slash risk delays
Aviva will accept signature-free risk insurance applications, allowing it to issue policies on the spot and offer faster remuneration to financial planners. The service is part of the insurer's new online underwriting platform, Riskfirst. Aviva said the platform was unique in not requiring a signature, although advisers could choose to receive a signed client declaration. Signatures are not always required in the general insurance policies but to date they have been for life insurance. "We took a look at the law, we took a look at the compliance of different industries, and we took a look at our business," Aviva group protection manager Sean Potter said. "We are confident that this platform complies with our legal requirements and will help our advisers do business."
