Superannuation and corporate compliance specialist software provider BGL has formed a partnership with Australian Group Insurances (AGI) that will allow users of Simple Fund 360 to perform a review of and obtain quotes for the life insurance needs of SMSF members.
According to BGL, the new facility will simplify compliance with the legal requirement to assess the life insurance needs of each member of an SMSF on a yearly basis.
“This highlights another way how big data is helping our clients,” BGL managing director Ron Lesh said.
“In a few mouse clicks, Simple Fund 360 clients can review a fund member’s life insurance, prepare an insurance quote, pre-fill an insurance proposal and purchase the policy.
“This is what integration and automation is all about.”
The life insurance cover the new arrangement can potentially put in place will be underwritten by AIA Australia.
AGI owner John Felsch labelled the initiative a great partnership for his organisation.
“BGL Simple Fund 360 clients now have simple automated access to AGI’s SMSF Master Insurance Plan, a product specifically designed for SMSF members,” Felsch said.
The announcement comes shortly after BGL declared the landmark of having loaded 150,000 companies onto its corporate compliance platform, CAS 360.
“We have achieved this milestone in less than nine months,” Lesh said.