ANZ Wealth has released a series of product and service initiatives within the context of its ‘…commitment to your success‘ campaign.
Summarised in its latest Perspective Extra fortnightly newsletter to advisers, the key initiatives released in recent months by the insurer include:
New Two-Year Premium Rate Lock Offer
From July 2016, ANZ Wealth is offering any clients who enter into a new OneCare policy a two-year premium rate lock, meaning they will be protected from any premium increases in the first two years their policies will be in force.
In encouraging advisers to contact their ANZ Wealth Business Development Manager for more details, the insurer notes this offer does not apply to increases to an original cover amount within the first two years of the policy, nor will it extend to policy fee increases or any Government imposed charges, such as stamp duty.
Underwriting and Service Improvements
Underwriting and service improvements recently announced include:
OneCare Express improvements
In order to address new business completion delays caused by missing beneficiary and Tax File Number (TFN) details ANZ Wealth is:
- Making the TFN a mandatory upfront requirement in OneCare Express for OneCare super applications
- Allowing binding and non-binding beneficiary forms to be accepted after a policy has been issued
Solutions-based underwriting
Based on adviser feedback that underwriters should be more focused on finding solutions when assessing applications, ANZ Wealth has sought to improve conversion rates by changing its ‘decline’ processes:
- All declined insurance applications proposing a total premium of $10,000 or above will now receive a second review by a senior underwriter
- All decline escalations will be reviewed by ANZ Wealth’s state underwriting manager
In noting other circumstances under which the insurer would now consider previously ineligible clients for Disability cover, ANZ Wealth also notes it will only decline cover where it can’t offer it at the time of underwriting and in the foreseeable future:
‘If cover can’t be considered at underwriting but might be available at some point in time we will set a review date including the underwriting requirements.’
10% Lifetime Premium Discount Offer
ANZ Wealth’s flagship OneCare product will offer a lifetime 10% premium discount to new applications for life cover where the minimum level of cover is $1.5 million or more. This offer extends to OneCare new business written until 31 December 2016.
The discount will apply to applications made for life cover via OneCare or OneCare Super and for any TPD and/or trauma cover that will be linked to the life cover. The discount will apply for the life of eligible policies and will be in addition to any existing OneCare size, packaging, and multi-cover discounts.
The move builds on OneCare’s existing Large Case Discount Service which offered a discount up to 5% where the minimum sum insured was $2.5 million and a lower-priced competitor quote was supplied, however this will not be required with the 10% premium discount offer from the $1.5 million sum insured level.
ANZ Wealth notes this new offer allows more clients to qualify for a larger discount, which would be calculated before any applicable taxes and policy fees are applied. At the same time, any commission payable to advisers would be based on the premium after the 10% discount had been applied.
Other Initiatives
These announcements follow other recent initiatives from ANZ Wealth, including:
- Redefining heart attack criteria
- A wearable fitness device offer to consumers who take out a OneCare policy that also includes Child Cover
