Allianz Life Plan awarded Five Star CANSTAR CANNEX Rating three years in a row
Sydney, 26 August 2011
Following a review of 21 direct life insurance policies offered by 19 providers, Allianz has again received, for a third year in a row, a Five Star CANSTAR CANNEX rating for Outstanding Value in Direct Life Insurance.
Allianz Managing Director Terry Towell said “when Allianz entered the direct life insurance market a few years ago, we were one of the first to deliver a quick and easy online life insurance policy direct to consumers, to help protect families. Achieving a Five Star Rating for Outstanding Value, for a third year in a row, reassures consumers of Allianz’s commitment to delivering market leading products at competitive prices,” he said.
Allianz life insurance covers up to $1.5 million and can be obtained online or over the phone in less than 15 minutes, so there is no requirement to purchase through a financial advisor.
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 the cost across two levels of cover ($200,000 and $500,000).
The CANSTAR CANNEX report said: “We congratulate all three insurers who seem to have hit the mark with their products and are proving key players in the field of direct life insurance. This is particularly true in the case of Allianz … whose past successes in our comparative surveys have set an admirable track record.”1
The value of the direct life insurance market from 2009 to 2010 has reached $403.1M – a 3.3% increase.
“Australia is one of the most underinsured nations in the developed world ranking 16th for life insurance density and penetration 2. This is a problem as it means many Australians would face financial hardship if something were to happen that would prevent them from earning an income,” Mr Towell said.
“Most people have some life insurance in their superannuation; however this can leave many exposed to the risk of not having enough during financial hardships. By offering market leading levels of direct life cover, that can be obtained quickly and easily at competitive prices, Allianz is playing an important role in helping reduce the levels of underinsurance in Australia, therefore helping families become more financially prepared should the worst happen,” he said.
1. CANSTAR CANNEX, Direct Life Insurance Ratings, Report No.3, August 2011, p2.
2. Swiss Re Economic Research & Consulting , 2007
General Insurance Company of the Year 2009, 2011*
Best General Insurance Company of the Year 2010, 2007,2006**
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.
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 has approximately 3300 staff and is a wholly-owned subsidiary of the worldwide Allianz Group, one of the world’s largest financial services companies.
The Allianz Group’s commitment to social, environmental and economic sustainability has been acknowledged internationally by the Dow Jones Sustainability Index, which recognised the Allianz
Group as the most sustainable primary insurance company in the world since 2006. In Australia, Allianz Australia participated in the Greenhouse Challenge Plus (GHC+) program - a cooperative partnership between industry and the Australian Government that aimed to reduce greenhouse gas emissions - and continues to adopt the GHC+ principles.
*Australia & New Zealand Insurance Industry Awards
**Australian Banking and Finance Insurance Awards