riskinfo has singled out what it considers to have been the three best life company initiatives launched into the risk insurance market in 2009, and has made some other acknowledgements.
In a year dominated by enhancements to new business and automatic underwriting technology, the debate on adviser remuneration and the Ripoll Inquiry, the following initiatives, all launched during the last three months of the year, have added excellent value for advisers and their clients:
BT LifeSAVER+
BT Insurance’s LifeSAVER+ is an interactive life insurance simulation tool that looks at customers’ life stages and shows how insurance can help different people at different times throughout their lives. The software package:
- Outlines and explains the different types of insurance available, their purpose and what they do for the client
- Helps determine what level of insurance the client may need to consider
- Provides an excellent Claims Calculator that clearly demonstrates the likelihood of a client claiming, based on their personal circumstances
Once completed, the LifeSAVER+ Report Writer creates a tailored report of what has been discussed so that the client can take it away with them.
MLC Best Doctors
Best Doctors provides a fantastic referal service for MLC trauma insurance clients.
The service provides expert medical advice and peace of mind to MLC trauma insurance clients and their families at any time, but especially when needed most.
The experience shared with Australian advisers during the launch of Best Doctors by leading UK adviser, Colin Boxall, in his capacity as an adviser and also as a father of a very sick child, served to highlight the value of this service.
Mr Boxall told advisers that in relation to receiving claim benefits for critical illnesses “… sometimes, having money is not enough.”
Mr Boxall explained that at crucial times when a family member is suffering a trauma-related event, it is vital for the family to be able to access expert second opinions on diagnoses as well as access to confirmation or other recommendations about treatment options.
For Mr Boxall, based on his personal experience, Best Doctors gave his family “…an immense sense of relief.”
Asteron Life!
Asteron Life! is a health and well-being program available to all new and existing Asteron policy holders.
The online program, which is open to new and existing clients, advisers and their support staff and all Asteron employees, offers tools and resources that will provide participants with their own tailored nutrition, exercise and lifestyle plans.
Asteron Life! also offers incentives to clients to improve the quality of their health and lifestyle and to stay healthy.
As we reported when Asteron Life! was launched, what makes this initiative stand out is its potential to enhance the traditional relationship that exists between the life company and its policy holders and between the adviser and his/her clients.
It is a new avenue through which the client can become engaged by both their adviser and their insurer, and can change the paradigm of the traditional ‘life insurance’ experience.
riskinfo congratulates BT, Asteron and MLC on these excellent initiatives, and understands there will be a growing focus during 2010 from a number of insurers to develop and launch more initiatives that will be seen as the ‘differentiator’ for the adviser and client when determining where their business should be placed in 2010.
Other Acknowledgements…
While there were many other initiatives this year from all insurance companies and many dealer groups that have added value to advisers and clients, riskinfo also acknowledges:
- The launch of IFSA’s Lifewise campaign to raise public awareness of the need for life insurance and to plan for the future
- The outstanding response by the entire life insurance and financial services industry (companies, associations, dealer groups and individuals) to the tragedy of the Victorian bushfires, Australia’s greatest ever natural disaster
Finally, we acknowledge the most influential individual in the financial services industry during 2009 (no contest): Bernie Ripoll.
