AMP and Bendigo Bank form strategic alliance

AMP Financial Services and Bendigo Bank today announced a strategic alliance to deliver tailored AMP life insurance solutions to the bank’s 1.35 million retail customers across Australia.

From October this year, AMP Flexible Lifetime Protection will be rolled out to Bendigo Bank’s 460 branches.

AMP Director Product Manufacturing Paul Sainsbury said the alliance with Bendigo Bank gives AMP an opportunity to build a strategic relationship with a highly regarded financial services institution and broaden its distribution reach to Australians needing quality wealth solutions.

“AMP aims to develop new channels that give more Australians greater access to financial advice and important products such as life insurance,” Mr Sainsbury said.

“AMP’s alliance with Bendigo Bank demonstrates our commitment to achieving this aim and our capability to provide our partners with the necessary support, training and development for their financial planners and other advice providers.

“We were able to innovatively tailor a life insurance solution and provide support services that suited the needs of the Bendigo Bank network and ultimately its customers,” Mr Sainsbury said.

Bendigo and Adelaide Bank Executive Retail Dennis Bice said Bendigo Bank wanted to partner with a strong brand with proven experience in the life insurance space as well as an established and supportive service model.

“The bank recently launched its transition to advice program, an investment which will allow us to have more meaningful conversations with our customers and ultimately drive better outcomes for them,” Mr Bice said.

AMP has developed an ongoing training and support program tailored for both the bank’s experienced financial planners and new personal advisers.

“The training and support that AMP offers was a vital part of their offering to help us successfully achieve this transition and our alliance with AMP enhances the bank’s wealth management offering,” Mr Bice added.

Initially, more than 60 of Bendigo Bank’s 460 branches will have staff trained to provide limited personal advice on Tier One products including insurance, superannuation and managed funds.

“However, it’s the bank’s aim to have an accredited representative in every branch to enhance the range of advice solutions available to our customers,” Mr Bice concluded.

AMP's Flexible Lifetime Protection Trauma Cover Optimum recently won Trauma Product of the Year at the 2010 AFR Smart Investor Blue Ribbon Awards.