ANZ/ING releases new insurance service
Australia’s banking institutions are targeting time-poor investors, with ANZ and ING Australia rolling out a new life insurance service that takes 15 minutes for approval, the second such service launched this month.
ANZ and ING Australia, through ANZ Financial Planners, have launched OneCare Express, a service that cuts approval time for customers to as little as 15 minutes. OneCare Express was jointly developed by ANZ and ING Australia to provide access to ING’s life insurance product, OneCare.
Commenting on the new service, ANZ managing director, investment and insurance products, Geoff Cohen said: “OneCare Express enables approved customers to walk away with insurance cover almost immediately, and importantly, it still contains all the features that has made OneCare a secure and popular choice for Australian customers.
“Customers apply for OneCare Express with an ANZ Financial Planner by answering a small number of simple health and lifestyle questions via the electronic application process. Approved customers are advised of their insurance premium, any exclusions and further requirements ‘on-the-spot’,” Cohen said.
OneCare Express is also available on the laptops of ANZ Financial Planners, so applications can be emailed to customers in remote locations.
OneCare was launched in November 2005 and provides life insurance, income protection, trauma cover and total and permanent disability cover.
Earlier this month, Macquarie launched FutureWise, a new non-super linked life insurance product that allows financial planners to provide fully underwritten coverage through an online application process. According to the banking giant, FutureWise has been designed to streamline the insurance application process to a degree where the required coverage can be delivered to clients in as little as 15 minutes.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
