ANZ Rolls Out Premium Discount and Health Program

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The insurance arm of ANZ, OneCare, will offer premium discounts for combined insurance cover and has launched its own health and wellness pilot program while also relaunching its direct insurance offerings.

ANZ, MD -Wealth Australia, Alexis George
ANZ, Managing Director Wealth Australia, Alexis George

ANZ, Managing Director Wealth Australia, Alexis George announced the new initiatives to trade media stating a premium discount of 10% would apply to clients who take out combined Death and Total and Permanent Disability cover of more than $1.5 million with OneCare.

George said the discount would be on offer to the end of the year but would remain as lifetime discount on the combined policies with ANZ using the discount to encourage new or existing customers to see if they have appropriate levels of cover.

“It is important to ensure customers have right level of cover and while the market is in a competitive space, and it is important we remain competitive, our analysis suggests we can give those discounts and maintain our book at the same time,” George said.

“…while the market is in a competitive space, and it is important we remain competitive, our analysis suggests we can give those discounts…”

While ANZ attracts around 80% of its insurance business through advice channels George said the remaining insurance business comes via direct channels with the bank relaunching its ANZ Life Insurance, ANZ Income Protection and ANZ Recover Well (which covers trauma/serious illness) products.

“We have had a history of different direct products and it was time to relook at that suite of products with these new products which will replace others in the market,” George said.

“The aim was to bring the products together and making them cheaper for customers who do want to come direct. It is not our preferred space but we know that some customers want to come from that direction.”

Alongside the two shifts in products George also announced that ANZ will join the group of insurers who offer a health and wellness program, with the rollout of a pilot program focused on ANZ customers will high levels of cholesterol, blood pressure or a high body mass index (BMI).

ANZ and OneCare will work with its advisers to identify 300 customers with one of those health issues and will provide six months of free telephone counselling to change habits in those three areas.

George said after six months the customers would have a medical review and where health issues had been addressed OneCare would reduce or remove any loadings dependent of the level of change.

“We are doing this because health and wellbeing will be an issue in insurance going forward but also to give customers an option in managing the loading on their insurance, because affordability is key for many people.”