AMP unveils new risk offering
AMP is revamping its entire insurance offering, to improve choice and flexibility. It will be unveiled at a series of nationwide adviser seminars from May 11.
The new enhancements will include a claims and underwriting concierge service, AMP-arranged medicals, a reduction in required signatures, and an electronic underwriting pre-assessment service.
Adviser feedback was the driving force behind the upgrades, said AMP’s director of wealth protection products Michael Paff.
“The financial landscape has changed and our new insurance offer, which goes live on 24 May, is all about providing choice for advisers and customers looking for a non-bank insurer,” he said.
“The concierge service will provide the adviser with direct access to a specific underwriter who will be dedicated to the case from pre-assessment through to completion of the application.”
The electronic pre-assessment service would facilitate the best field underwriting outcome, while AMP-arranged medicals and blood tests would reduce delays and administrative costs, he said.
“AMP is also reducing the number of signatures required when lodging insurance applications and personal statements,” Paff said.
Redesigned trauma products will include flexible benefit options and choice of coverage, including full separation of full and partial benefits. The Trauma Partials package can be added to AMP’s new trauma product, Trauma Optimum, or AMP’s existing Trauma Standard products.
AMP has developed new underwriting guidelines for common but difficult health conditions such as diabetes, and will offer discounted premium alternatives for certain health conditions that may normally be declined.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
