OnePath adds new features to OneCare
With a focus on a clear segmentation of its client base, ANZ Wealth has made a number of product enhancements to its OnePath retail life insurance offering, OneCare.
ANZ Wealth head of product, marketing and reinsurance Gerard Kerr said clients and financial advisers were demanding faster claims processing along with less reliance on paperwork.
As part of its changes, OnePath also went through a process of dividing their policy holders into 'blue collar' professionals, baby boomers and high net worth clients (those earning $150,000 or more).
Kerr said HNW policy holders were looking for ways to reduce tax, and the new SuperLink enhancement allowed clients in this segment to split the ownership of their total permanent disablement (TPD) cover between the more tax-effective superannuation policy and the "better quality" of a non-superannuation TPD product.
Baby boomers look for loyalty in their life insurer, as well as affordability in their policy, and to address this, the OneCare enhancements include an instalment option that gives clients the option to pay their premium monthly.
For blue collar workers, the product now takes into account business insurance considerations by introducing a third tier to OneCare's 'total disability' definition within income secure cover, "which assesses the impact of illness or injury against the life insured's ability to generate income", ANZ Wealth stated.
In relation to service and claims processing improvements, ANZ Wealth head of life operations and customer service Shez Ford said financial advisers now have access to a 24/7 online capability to allow them to track the status of an application and engage with OneCare's claims services electronically.
The introduction of the 'tele-claims' service for income secure policies sheer up the amount of paperwork and speed up the claims process, Ford added.
"If you want to be relevant you have to evolve when the market evolves," Kerr said.
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