Allianz Life Insurance awarded CANSTAR CANNEX Five Star Rating

Allianz Life Insurance awarded CANSTAR CANNEX Five Star Rating

Sydney, 26 August 2010

Allianz is pleased that its Allianz Life Plan product has been awarded a CANSTAR CANNEX Five Star Rating for Outstanding Value in Direct Life Insurance.

Commenting on the achievement, Allianz Managing Director, Terry Towell, said “when Allianz entered the direct life insurance market a few years ago we promised to give the sector a shake-up, by offering market-leading levels of cover at highly competitive prices. Achieving a Five Star Rating for Outstanding Value for the second year running, is recognition that Allianz Life continues to deliver on this promise.”

The direct life insurance market has expanded rapidly over the last few years – sales increased by around 27% in the last year – as insurers have developed products with high levels of cover, that can be obtained quickly and easily, without the need for medical tests or the need to use a financial adviser.

Mr Towell said, “Allianz Life Plan offers life cover of up to $1.5 million, which can be obtained online or over the phone in around 12 minutes, and recently also increased the maximum level of permanent disability cover to a market-leading $1.5 million.”

The CANSTAR CANNEX Five Star Rating is awarded to a direct life insurer that
offers outstanding value across all 16 individual profiles (eg age, gender) analysed
and two levels of cover ($100,000 and $400,000).

The CANSTAR CANNEX report said:

“Allianz is a general insurance giant which repeated its feat of last year, thanks to consistently cheaper products in all our profiles. Allianz’s Life Plan adds a strong suite of features to its premium price structure to offer attractive direct life insurance to the majority of consumers.”1

Concluding, Mr Towell said “there is a chronic underinsurance problem in the life insurance segment. This has come about for a range of reasons, including lack of affordability, apathy and an unfounded belief that the life cover people have within their superannuation policy will be adequate.”

“By offering market-leading levels of direct life cover, that can be obtained quickly and easily and at affordable prices, Allianz is playing an important role in helping to reduce the level of underinsurance and assisting Australians and their families to be financially sustainable should the worst happen.”

Allianz Australia - General Insurance Company of the Year 2009*

The Allianz Australia Group operates in Australia and New Zealand. It includes one of Australia’s largest general insurers, a leading private workers’ compensation insurer, and a life insurer.
Greenhouse Challenge Plus
Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services. It is proud to be of service to more than 2 million policy holders and over 50% of Australia’s top 200 BRW listed companies have some form of insurance cover with the group.

Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.

Allianz Australia has approximately 3300 staff and is a wholly-owned subsidiary of the worldwide Allianz Group, one of the world’s largest financial services companies.

*Australian and New Zealand Insurance Industry Awards

1CANSTAR CANNEX, Direct Life Insurance Ratings, Report No.2, August 2010, p3.