Asteron Life has introduced an adjustment to its application and welcome pack materials for newly issued policies.
The insurer said the changes were made to better inform customers about risks around non-disclosure and replacement business.
Asteron Life Executive Manager Life Distribution, Graham Hill, says the initiative reflects Code Standard 7 of the Financial Services Council’s Code of Conduct, requiring members to ‘maintain appropriate internal processes for explaining the risks to customers of replacing or retaining an existing product or service’.
As an FSC member, the insurer has adopted the Code which took effect on 1 January 2019.
Hill said their application forms will disclose replacement business risks and refer customers to their financial adviser to help them navigate through these risks.
“Asteron Life is committed to putting our customers first and helping them to make informed choices about their insurance,” said Hill, adding, “Advisers play a critical role in doing this, and to support this work we provide written material for our customers which is intended to promote good customer outcomes.”
He added that an intended outcome of the changes to the materials is in supporting customers to have good conversations with advisers when they are considering whether to switch insurance providers.