Allianz Life Plan awarded Five Star CANSTAR CANNEX Rating five years in a row

Sydney, 5 September 2013

Following a review of 24 direct life insurance policies offered by 21 providers, Allianz has again received, for a fifth year running, a Five Star CANSTAR CANNEX rating for Outstanding Value in Direct Life Insurance.

Allianz Life CEO Jonathan Poole said "when Allianz entered the direct life insurance market a few years ago, we led the way in terms of price and simplicity. Since then, the direct life market has grown significantly but Allianz continues to lead the market on value for money and ease of purchase."

"Achieving a Five Star Rating for Outstanding Value, for a fifth year in a row, reassures consumers of Allianz’s commitment to delivering market-leading life insurance products at an affordable price," he said.
With no medical tests required, Allianz offers up to $1.5 million in life insurance cover with built in funeral benefit. Cover can be obtained online or over the phone in as little as 12 minutes.

The CANSTAR CANNEX Five Star Rating is awarded to a direct life insurer that offers outstanding value across 16 individual profiles (eg age, gender) analysed and across two levels of cover ($200,000 and $500,000).

The CANSTAR CANNEX report said: “For an impressive fifth year in a row, since inception of this award, Allianz have demonstrated outstanding value for money in the area of direct life insurance, this year achieving a five-star rating in 15 out of the 16 profiles we assess. This display of overall consistency is due to their pricing being competitive to the industry average coupled with a strong feature offering."1

"Australia is one of the most underinsured countries in the developed world. There are approximately 4.5 million working parents in Australia; of those an expected one million will suffer a serious accident, illness or premature death. The Allianz Life Plan seeks to provide more Australians with insurance so they can protect themselves and their family’s financial future.

As at June 2010, the overall level of underinsurance was $669 billion compared to the amount required to meet the continuing needs of families and dependents after the death of the primary breadwinner.2 While this is an improvement since 2005, this is still 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. Poole said.

"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 reducing the level of underinsurance in Australia and helping families become financially prepared should the worst happen," he said.

1. CANSTAR, Direct Life Insurance Ratings, Report No.5, August 2013, p3.
2. Rice Warner, Life Insurance gap beginning to close in Australia, media release, June 2011.

Allianz Australia

Large General Insurance Company of the Year 2009, 2011, 2012, 2013*
Best General Insurance Company of the Year 2006, 2007, 2010**

Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services to more than 2 million policyholders. Over 50% of Australia’s top 200 BRW-listed companies have some form of insurance cover with the group and the group provides workers compensation services to around one-fifth of Australian employees.

*Australian Insurance Industry Awards
**Australian Banking and Finance Insurance Awards