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Improving how we support advisers

At Resolution Life, we are highly focused on, and investing resources to improve how we support advisers in their aims to service our joint customers. We appreciate that our separation work during 2022 resulted in service challenges for you and customers.

Telephone support

Adviser call volumes in February this year were close to 25% down compared to same time last year. This trend has been driven by several factors, including:

  • Advisers are increasingly using My Resolution Life portal and online chat as channels to gain information on customers and make service requests. Read more about a recent improvement to the portal, our online premium calculator.
  • Admin backlogs, which resulted in an increase in advisers calling for status updates, are reducing substantially and we expect them to be cleared late March/early April.

We’re also hiring more service specialists to support this important channel.

Registry management
As we set up our own Adviser Registry System late last year, we uncovered historical customer/adviser alignment issues. There was an increase in adviser requests to move customer books to different adviser IDs/Codes, which caused a backlog in actioning these demands. 

We understand this makes things difficult for advisers, eg not seeing customers within My Resolution Life, and this backlog has had operational management focus. An increase in staffing in the Registry Management team has reduced the registry backlog by ~30% since the start of January. Furthermore, we are aiming to drive down ‘to be actioned’ requests through improving our ‘bulk customer transfer’ functionality. We expect this new functionality to be operational late March.

Future improvements

We understand that not all calls are the same regarding complexity, with this especially so for advisers. Some calls can be handled quickly, while others are multi-faceted. We will provide further updates soon, as we introduce changes to call centre structure and processes to cater for this difference in call types.

Elevate PDS update – medical definitions update

Earlier this year we advised that the Elevate PDS was updated on 19 December 2022 following a review of our medical definitions to ensure they remained current with medical practices and measures. 

The updates were predominantly focused on applying the outcomes from the work done for Unfair Contract Terms (UCT). 

We’re reaching out to let you know we have now completed the Elevate Updates Flyer, which will provide a summary of the changes made to the medical definitions. You can download a copy of this from our public website.
 

Withdrawal benefits to increase for conventional product customers 

We’re making a positive change to withdrawal values for our Whole of life and endowment customers across Australia and New Zealand. 

A review of our portfolio make-up, past earnings, and statutory fund performance has allowed us to make an out-of-cycle increase in the gross withdrawal benefits (also called surrender values). The change will be rolled out by the end of April 2023.

We are writing to a portion of Australian customers, around 70,000, who will receive a significant increase in their withdrawal benefit, of approximately more than 15% and over $5,000. These letters will be sent from March into April 2023. 

All customers will receive notification of the change in their next annual statement/certificate and will be pointed to our website for more details including FAQs. 

The gross withdrawal benefit is the only part of the policy that is changing. The withdrawal benefit is the amount available if a customer chooses to surrender their policy early, before it reaches the agreed end date. Please note –  this is a different amount to the actual final maturity or death benefit, which is a higher value.  

Key points

  • There is no call to action for customers as the notification is FYI only.
  • A withdrawal/surrender benefit is less than their maturity or death benefit if they stay until the agreed term.
  • Customers can see their withdrawal/surrender benefit by logging into My Resolution Life portal. Note - new values will show by the end of April 2023 and we will provide further updates in this newsletter once the change is complete. We provide an example of their increase in each customer letter for illustrative purposes.
  • We have reviewed the calculation of withdrawal benefits; as our aim is always to ensure the features of the policies, like annual/reversionary and terminal bonus rates and withdrawal benefits, distribute benefits equitably to policyholders over the lifetime of their policies. 


At any time, withdrawal benefits and other details are available via the My Resolution Life portal.

If you’re interested in receiving a list of your clients and their new withdrawal benefit examples, or for questions email conventionalwdv@resolutionlife.com.au

March 2023 customer campaigns

What are we communicating to customers this month?

Inviting your customers to register for My Resolution Life 

From late February to late March, we’re inviting customers to register for My Resolution Life by email. 

Who’s receiving an email? 

All customers who: 

  • Haven’t yet registered for the portal, and 
  • Have a valid email on file with us and have not unsubscribed. 

Your customers can now register online 

If your customers haven’t registered yet, please feel free to remind them about My Resolution Life. With My Resolution Life, customers can complete common tasks online, such as downloading their annual statements, and updating their contact details and correspondence preferences. 

To get started, all your customers need is: 

  • A copy of their annual statement on hand so they can answer a security questions, and 
  • To visit our website. 

Life Matters March 2023 edition 

Life Matters is our quarterly newsletter full of tips and insights customers. Customers will receive an email this month with the following articles: 

  • March 2023 economic update
  • Who is Resolution Life Australasia?
  • Your life insurance and travelling
  • Things to consider when reviewing your insurance
  • International women’s day

The articles will be available on our public website. 

Who’s receiving an email 

All customers who have a valid email on file with us and have not unsubscribed.

Important information

Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted on 133 731 or via the contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant product disclosure statement (PDS) or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision about the product. Consider speaking to a financial adviser if you have any concerns.

If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.