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Freedom Insurance board initiates strategic review

The Freedom Insurance Group Ltd. board of directors began a review of the company's strategic options following an Australian Securities and Investments Commission report critical of direct life insurance.

The commission recently announced that it intends to restrict outbound sales of life and funeral insurance after determining that direct life insurance products' poor sales practices and product design cause poor consumer outcomes and "very high" cancellations.

Freedom Insurance's board said the company needs to make changes to a number of lead sources in its funeral insurance business to meet the regulator's expectation. The board noted that a "significant proportion" of the company's upfront commission revenue comes from that business.

The board will look at the company's strategy, business structure, operating model and internal practices and procedures.