‘Pure-play’ ClearView values IFA distribution
Publicly-listed insurer ClearView has completed its exit from wealth management and is promoting itself as a “pure play life insurance company”.
The company said its exit from wealth had been completed in March, this year, representing its “transformation to a tech-enable pure play life business” ending what represented a multi-year transformation program.
However, it said that it had maintained its deep distribution relationships with independent financial advisers (IFAs) and described its relationships with the IFA market as a key driver for growth.
ClearView’s positioning was made clear the Morgans Investor Presentation by the company’s managing director, Nadine Gooderick, who noted that gross premium income was up 95 to $285.6 million, with total inforce premiums up 9% to $398 million, with $100 million on its new technology platform, ClearChoice.
Her presentation said that the company’s migration onto a single cloud-based technology platform was on track for completion in the first half of next year.
Premium income up 9%? Surely the impact of sum insured indexation and price increases would be far more than 9%.
Like every other insurer, they are almost certainly experiencing large rates of benefit reduction and outright cancellation, with bugger all new business.