Today Integrity Life announced that it will be closing its Retail Advised and Corporate insurance channels to new business. The decision has been made following a review of the strategic direction of the Integrity Group.
This means that Integrity Life will not take on any new life insurance policies or customers from insurance advisers/brokers after 29th September 2023.
Integrity Life launched in March 2019 aiming to revolutionise the insurance industry in the wake of the Royal Commission.
Despite having grown its premiums in force from $22.2 million in March 2021 to $140.3 million in June 2023 Integrity quoted a failure to achieve critical mass as a reason for the closure. The shrinking pool of insurance advisers in Australia following the LIF (Life Insurance Framework) and other reforms has led to a contraction in new sales and the number of lives insured by the industry.
In a statement today, Sean McCormack, chief executive and managing director, said “This is not the news we’d hoped to share however the significant challenges of the Australian life market coupled with the realities of growing a business from the ground up mean that it is necessary.”
Integrity remains committed to the needs of their 185,000 policyholders, stating they will continue to be protected and supported without any changes to the terms and conditions of their policies. Integrity will continue to maintain a Customer Care team to support existing policyholders and will process claims as usual.
While this means that Integrity Life will soon be removed as an option from the Insurance Watch website, consumers will still be able to compare quotes from 9 different insurance brands using our Compare Quotes Online service.