OnePath has announced it has reviewed the definitions contained in more than 25,000 of its trauma insurance policies.
Designed to ensure the most up-to-date and optimal trauma definitions are being used, the result of this review, according to OnePath, will see updates applied to more than 600 definitions across 60 trauma products with policies dating back to 1988. Some cover definition names have also been updated to provide customers with more certainty.
Zurich’s Head of OnePath Propositions and Group Life, Gerard Kerr, said “From the outset, we wanted to ensure our policy holders benefited from improving definitions where applicable. At the same time, we recognised older policies may have definitions with broader coverage than present day.”
For policies in this situation, OnePath says it has retained the older more favourable definitions.
A release accompanying the announcement notes the motivation for this review was OnePath’s desire to take the customer centric mindset of the Life Insurance Code of Practice.
“We want to provide our customers with high standards of service, a benchmark of consistency within the industry, and a framework for professional behaviour and responsibilities. This project delivers on all three,” said Kerr.
OnePath advises the new definitions are applicable for any new eligible trauma events dating from 1 December 2018.
So, I’m assuming OnePath consulted an “Independant” Oncologists, Cardiologists and other Specialists to confirm whether or not the updated definitions place the client’s in a better position…I mean I’m not going to know whether this is good for the client or is it better for the Insurer becasue I’m not a trained expert in these fields.
I think they’ve done all the thinking here for us BKY – The guarantee of upgrade wording will mean clients only get favourable updates.
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