OnePath named Risk Company of the Year
Embracing new technology and maintaining consistency after a major rebrand were the two deciding factors which carried OnePath across the line this year in the Money Management/Dexx&r Adviser Choice Risk Company of the Year Awards.
Apart from winning the top spot, OnePath also took out gold in two product categories and silver in one.
The risk insurance market has become more competitive over the past 12 months due to the steady demand which has seen life companies try harder in terms of product innovation and their response to adviser feedback.
Technology was a big part of OnePath's product development over the past year, as the company launched a number of new online features for its OneCare product, and enhanced the existing ones such as electronic underwriting and online and phone claims processing.
The company's head of product marketing and reinsurance, Gerard Kerr (pictured), said product enhancement on the technology front was a result of a natural progression into the online world, as well as adviser demand.
He said the proposed Future of Financial Advice changes would force advisers to be more involved in their clients' affairs, which has created a so-called 'need for speed'.
"If you can remove inefficiencies from your business with your customers still getting that quality service - that's obviously going to take you down the [technology] path," Kerr said.
"Reforms are possibly helping support that, and we're obviously still waiting for some of the fine detail to come through," he added.
The company had also gone through one of the most challenging rebrands in the life industry to date - ditching the well established ING Australia brand and introducing OnePath to consumers after being taken over by ANZ.
"ING Australia was a very strong brand, so it added challenge to it," Kerr said, adding the company had planned carefully and tasked itself with keeping the momentum going in the business.
OnePath had a core group of people focused on the activity around the rebrand, engaging different parts of the company only when necessary. The company separated the two activities, which gave advisers and clients clarity and focus, Kerr said.
However, this wasn't the only rebrand the life industry has seen over the past 12 months, with Tower Australia changing its name and logo to TAL after being acquired by Japanese insurer Dai Ichi.
TAL had done well by advisers over the past year, grabbing silver in the overall risk awards, and winning gold in one product category and silver in two.
This is also the first year BT Life became eligible for the Risk awards, and the company jumped straight for bronze.
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