MEDIA RELEASE 7 July 2004
PrefSure announces new distribution strategy
Risk insurance specialist, PrefSure Life, is today announcing significant
changes to its retail distribution strategy, with the insurer selecting a niche
group of advisors to write business with.
The change will mean that PrefSure will be working closely with a group of about
45 advisors, compared to the 1,500 advisors that it currently deals with. The
insurer will also continue to focus on servicing master trust platforms.
Geoff Black, Managing Director of PrefSure Life, says the change is a natural
step for a risk specialist that is looking to establish a genuine competitive
advantage in a very competitive market.
“We are looking for a niche in the market so that we can be a true specialist
and tailor our service and our products to a core group of advisors,” said
“PrefSure is recognising that there is a demand for an insurer that specifically
deals with advisors who are not part of professional distribution groups – this
will be our new niche.
“PrefSure’s new strategy will make our product highly exclusive, however other
advisor groups will still be able to access our products through master trusts,
because we are certainly continuing our focus in that area.
“The new advisor base will benefit from their exclusive access to our award
winning products, which will be supported by a tailored service and a close
relationship,” said Black.
Geoff Black says that the implementation of Financial Services Reform has
changed the distribution landscape and provided PrefSure with the opportunity to
review the way in which it markets its products.
“We would also like to stress that this is a new business approach and all
existing policies will continue to be serviced throughout the life of the
policy,” said Black.
PrefSure Life acquired Lumley Life earlier this year with the combined
businesses creating one of Australia’s largest specialist life risk insurance
groups with assets of more than $200 million and 100,000 policy holders.
Profile photos of Geoff Black are available on request
Released for PrefSure Life Limited by Dennis Rutzou Public Relations. For
further information please contact David Lizzio
or Dennis Rutzou on (02) 9413 4244.