Adviser News

Our tradition of service continues to make us proud

185 years ago Asteron Life wrote the first specialist life insurance policy in Australia – and has been looking after Aussie families ever since.

“At Asteron Life, we help people protect what’s most dear to them,” explains Daniel Waller, Asteron Life’s Head of Life Intermediaries. “It’s a mantra we’ve lived and breathed for years, and it continues to lie at the heart of everything we do”. It’s a legacy that can be traced to Asteron Life’s inception, back in 1833 when the business’ name was Alliance Assurance.

The birth of life insurance in Australia

UK-based Alliance Assurance had a history of operating throughout the British Empire, so it was no surprise when they opened an office in Hobart. On 5 September 1833 the newly established agency wrote its first life insurance policy – the first one in Australia – to Joseph Tice Gellibrand, a barrister of the Supreme Court of Tasmania, who served as the Attorney-General of Tasmania from 1824–1825. And when, just four short years later in 1837, Gellibrand disappeared while exploring the hinterland of Port Phillip, Alliance Assurance paid the first life insurance claim in Australia, ensuring his widow and nine children were provided for.

The evolution of Asteron Life

Since that first policy and claim, the Australian life insurance industry has grown and evolved to benefit policyholders, claimants and the community. In its first year of operation, the company issued two life insurance policies. Nowadays, we work with an exemplary adviser base and maintain a commitment to ensuring our products and services are the best they can be.

We introduced tele-claims to make it easier for claimants – replacing lengthy claim forms with a quick over-the-phone service. Plus, in a recent survey conducted by NMG consulting among 352 advisers, we were ranked in the top 2 for ‘ease of doing business’ and solution modelling tools – something that makes us very proud. In 2018, we won the ALUCA Life insurance Excellence Underwriting Team Award.

 “Many changes have occurred in the 185 years since the company was established,” explains Waller. “But our underlying tradition of exemplary service continues. It’s something we’re immensely proud of.”

Committed to making a positive difference

While ensuring that Asteron Life stays true to its roots is a key part of the company’s culture, the business is also focused on continually reviewing and improving its products, services, technology and processes to meet changing adviser and client needs as well as evolving Life industry standards.

Recently, Asteron Life introduced greater value and flexibility into its Total and Permanent Disability cover. Plus, its education program, The Sophisticated Adviser now gives advisers access to more than 400 courses from top education providers. “Asteron Life’s place in Australia’s insurance history is tremendously exciting,” says Waller, “and we’re committed to making a positive difference to consumers, advisers and the Life industry.”

Sources:

  1. http://www.asteronlife.com.au/about/news/life-insurance-in-australia-turns-175-today
  2. http://www.asteronlife.com.au/about/news/adviser/advisers-embrace-education-program
  3. http://www.asteronlife.com.au/about/news/adviser/asteron-announces-new-learning-campus-initiative
  4. https://www.asteronlife.com.au/sites/default/files/fm/documents/PDS/alc-pds-spds-combined.pdf
  5. http://riskinfo.com.au/news/2018/08/09/tal-buys-asteron-life/
  6. http://www.asteronlife.com.au/about
  7. http://www.asteronlife.com.au/fsc-code-of-practice
  8. http://www.asteronlife.com.au/about/news/adviser/100-000th-tele-underwriting-milestone
  9. http://www.asteronlife.com.au/sites/default/files/documents/LR4455_Facts_of_Life_FINAL%20web.pdf
  10. https://www.vero.com.au/about-us/history.html
  11. http://www.insurancenews.com.au/life-insurance/happy-175th-life-insurance
  12. http://archival.sl.nsw.gov.au/Details/archive/110361973
  13. http://archival.sl.nsw.gov.au/Details/archive/110319242
  14. http://archival.sl.nsw.gov.au/Details/archive/110355424
  15. http://adb.anu.edu.au/biography/gellibrand-joseph-tice-2088
  16. NMG Consulting, 2018 IFA Channel Life Risk Programme, 2018 Mid-tier Adviser Segments

Asteron Life™ is committed to providing customers with long term financial security. We provide life insurance products including Income Protection Covers, Trauma Cover, Total & Permanent Disablement (TPD) Cover, Life Cover and Business Expenses Cover. To obtain a copy of our privacy statement, please contact us on 1800 221 727 or visit the following website www.asteronlife.com.au/privacy to view or download the policy.

Suncorp supports and adheres to the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry through the Financial Services Council to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities. Download the Code here. For more information contact the Financial Services Council on (02) 9299 3022 (local call cost), email info@fsc.org.au or visit www.fsc.org.au