OnePath takes top honours in the Adviser Choice Risk Awards

As the risk market becomes more competitive due to the consistently strong demand for insurance products, life companies have truly embraced adviser feedback. The Money Management/Dexx&r Adviser Choice Risk Awards commend the high achievers in the risk space in 2011, Benjamin Levy reports.

This year has seen consistent demand for insurance products amid volatile markets, as the Plan for Life data finds the risk market rose a further 10 per cent over the 12 months to March 2011. Of the larger companies, OnePath, Tower (now TAL), AIA and BT recorded highest growth, according to the report.

However, the sector has also seen major changes, as two out of the three top companies in the Money Management/Dexx&r Adviser Choice Risk Awards have rebranded during the past year. Nonetheless, they maintained steady performance.

This year’s winners demonstrate a continuing trend of embracing online technology, as well as listening to adviser and consumer demands now more than ever. Most have introduced faster claims processing, strengthening their online platforms and applications. Adviser Choice Risk Awards praise those that have stood out in 2011.

Risk Company of the Year: OnePath

OnePath has secured the gold medal for the second year in a row in the Money Management/Dexx&r Adviser Choice Risk Awards. As well as winning the overall Risk Company of the Year category, OnePath also beat other competitors in both the term and total and permanent disability (TPD), and trauma product categories.

OnePath’s previous incarnation, ING Life, secured first place in the same three categories last year.

Gerard Kerr, head of product marketing and reinsurance at OnePath, claimed the win was a result of the seamless transition the company had executed from its former incarnation as ING.

OnePath wanted to maintain its focus on – and dedication to – advisers and customers throughout the operational changes involved in rebranding the company, Kerr said.

“We’ve really managed to seamlessly move from ING into OnePath, so our customers are still happy, the advisers are still happy, and that’s probably the most pleasing aspect of the business – to carry on the momentum we had,” he says.

Kerr added OnePath held on to the same staff as part of the rebranding.

Part of the company strategy over the last year has been to make incremental improvements to their products and operations, rather than a radical reshaping following their rebranding. Improvements in technology have been one of the core focuses for OnePath over the past year.

Advisers have been given online access to track insurance business that is waiting on underwriting requirements before going into effect, and enhancements have been made to their electronic underwriting engine OneCare Express.

Those changes have improved transparency and communication between OnePath and advisers, as well as driving higher instant point of sale decisions, Kerr says.

Feedback from advisers has helped drive improvements to OnePath’s products and technology, Kerr says.

“It’s a great way of testing your proposition in the independent open market – they’ve got a lot of variations in terms of what they demand of a provider,” he says.

ANZ’s acquisition of the then ING Australia provided enormous stability when many insurers felt that the market was in an unstable state because of government reforms which are yet to be voted on and implemented, according to Kerr. 

Silver: TAL Ltd

Earlier this year, the then Tower was acquired by Japanese insurer Dai Ichi – which was followed by the company’s rebranding to TAL Ltd. This was the second major rebrand for the life industry over the past year, but TAL – a bronze finalist in last year’s awards – demonstrated consistent performance.

Chief executive, retail life at TAL, Brett Clark, attributed their strong product development process for the company’s nomination this year. 

“Our product development is ‘outside in’. It’s very much taking input from the market, from customers and from advisers, and bringing them strong into our product development process,” Clark says.

Products need to be delivered in a way that is quicker, more efficient, and with less hassle to attract clients and advisers, he says.

“We need to be able to service advisers and customers in the manner they feel most comfortable in, be it web, phone, or traditional mail,” Clark says.

The Future of Financial Advice reforms have pushed TAL to offer a range of different remuneration structures for customers to choose from, including commissions and fees. Product manufacturers need to provide the flexibility within their products and operations to cater for both, Clark says.

However, it leaves the choice up to the adviser and the consumer.

TAL has flagged a more web-based approach to their services in the future. More and more of the company’s strategy will be dedicated to increasing their online presence, Clark says.

Bronze: BT Life

BT Life’s decision to launch stand-alone insurance products for independent financial planners was the extra push it needed to win third place in the awards this year.

While BT always had strong value in its wrap master trust platform, it limited its access for advisers and consumers, says BT national life insurance product manager, Scott Moffitt.

The flexibility in BT’s stand-alone insurance products allows advisers to offer clients the best product for them, regardless of where it is bought from and how it is paid.

That unique flexibility complements the wrap platform and works within the self-managed super fund market, Moffitt says.