The last few months has seen a hectic round of product updates and initiatives from most life companies, while several will be launching major initiatives during the second half of this year.
Two innovations introduced into the market in recent months have been the direct linking of healthy lives to premium discounts in Asteron’s Healthy Life Plus initiative, and the introduction of severity-based insurance with the launch of Macquarie Life Active.
A summary of updates and initiatives, with links to our reports follows:
AIA Australia
Lump sum and IP changes effective 24 May 2010. Features enhancements will be passed back to existing Priority Protection policy holders. No premium changes.
AMP
Major product and services update, including a brand and image overhaul, the introduction of Underwriting and Claims Concierge Service, enhanced electronic lodgement processes and a new hours-based clause within the Total Disability definition. Effective 22 May 2010.
Asteron
Launch of Healthy Life Plus optionin latest Lifeguard series upgrade, which offers up to 20% discount for eligible insured lives. This is an extension of the insurer’s Asteron Life! health and well-being programme, launched in the second half of 2009. Effective from 24 May 2010.
AXA
AXA launched its hybrid ‘Blended Premiums’ package with effect from 19 April 2010. Clients can now also link their non-super trauma and TPD options to their Self Managed Super Fund.
ING
Increased maximum TPD cover for Any and Own Occupation definitions to $5 million, effective 22 March 2010, and an ING OneCare update from 1 March 2010. It also increased maximum IP cover to $60,000 per month.
Macquarie Life
Launch of severity-based insurancecontract, Macquarie Life Active, which includes death, TPD and trauma into a single contract, where the trauma benefit is commensurate with the severity of the event. PDS issue date is 11 June 2010.
Macquarie also implemented a minor updateto its FutureWise product range, effective 23 April 2010, focused on offering additional flexibility.
MLC
Increased maximum IP cover to $60,000 per month, with further initiatives to be released in second half 2010.
TOWER Australia
Accelerated Protection update from 28 April 2010, including revised ‘duties’, ‘capabilities’ clauses and new Child’s Critical Illness Benefit. Multiple changes to TOWER occupation list.
Zurich
Improved efficiencies to LifeXpress software platform and product changes focused on trauma and IP. Lump sum rates adjustments from late May.
