Life insurers and advisers are currently dealing with some big pain points.

A significant reduction in commissions over the last five years has come at the same time as an increase in compliance and regulatory requirements meaning an increase in effort and a decrease in revenue.

The pressure on risk advice industry costs has forced many advisers out of the industry or away from providing risk advice — leading to impactful reduction in new business volumes across the market.

Competing forces

“You’ve got competing forces trying to do business,” says entrepreneur Marc Fabris, who has spent most of his career in the financial and life insurance advice industries.

“There’s a demand for greater efficiency but according to roughly 60 per cent of advisers I’ve surveyed, the cost of doing business is way too high.”

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