April 30, 2019
Advisers utilising OnePath products and services for their clients have again been informed there will be ‘little or no change’ after Zurich takes control of OnePath Life in June.
In its latest adviser update this week, ANZ Wealth has stressed the ‘minimum disruption’ mantra that has characterised the messages coming from both Zurich and ANZ Wealth since the announcement in late 2017 of Zurich’s acquisition of OnePath (see: Zurich Purchases ANZ’s OnePath Life Business).
The message to advisers reaffirms that the OnePath Life business will continue as usual after 3 June and will be supported by the same BDMs and underwriters who currently provide these adviser-facing services.
Responding to the question of why Zurich has chosen to maintain both product ranges following the acquisition, the message notes:
Our rationale is that both ranges have deep and loyal adviser support from different segments of advisers. We want to retain their support. Customers’ needs are evolving, and we see opportunity to better service a broader cross-section of Australian customers through differentiated propositions. This includes a wider selection for those at different ages and stages of life, with different careers or income levels, as well as those with manageable health conditions (see also: Zurich to Retain OnePath Name and Products).
Kristine Brooks, Chief Distribution Officer, Zurich Life and Investments, said “Continuity and maintaining service standards valued by advisers are of utmost importance to Zurich.”
Addressing the new ownership from the perspective of a OnePath Life adviser and their clients, the joint message reiterates business as usual:
OnePath Life will continue under Zurich. Business will continue as usual and supported by the Business Development Managers and underwriters you know today, plus the same online portals and same business development and service points of contact.