AMP has launched a major product and services upgrade, including a totally new brand image for its flagship Flexible Lifetime – Protection product range.
The initiatives have been presented to advisers in a national roadshow, where key messages have centred around the theme of ‘Owning Tomorrow’, and aligning the respective value propositions of AMP and its advisers.
Taking effect from 22 May 2010, key initiatives, driven by adviser feedback, and presented in terms of challenges being faced and solutions being offered, include:
Services
Launch of AMP Underwriting Concierge Service
Designed to reduce the cost to advisers of servicing their clients, the Underwriting Concierge initiative will offer pre-assessment via an electronic pre-assessment form. The process is intended to be transparent, accessible and responsive.
The Underwriting Concierge service will also work to streamline the underwriting process, including automatically arranging standard medical tests direct with the client.
Launch of AMP Claims Concierge Service
The AMP Claims Concierge service comprises five enhanced initiatives within the insurer’s claims service, designed to optimise the experience for the client, but also the adviser.
A dedicated claims assessor will be allocated to each claim, and AMP will also follow the claimant’s preferences, should they only wish to deal through the adviser or alternatively if they prefer to deal direct with the AMP claims case manager.
Other enhancements revolve around processes leading to a simpler, more flexible and more timely claims experience.
Electronic Lodgement
AMP has enhanced its electronic lodgement process by allowing the adviser to electronically lodge personal information required to to assess an application, avoiding the need for ‘wet’ signatures on the application form or personal statement.
Products
- Introduction of a new ‘hours’-based clause within the Total Disability definition (Income Protection Advanced product), designed to offer multiple options at time of claim, and applicable to every occupation category
- Enhanced offsets clause for all white collar occupation categories, where only undisclosed income will now be offset
- Day One Partial Disability now available for all white collar occupation categories
- TPD definition now includes claimant’s capacity to earn more than 25% of their pre-disability income, aiding in creating greater certainty of eligibility at claim time
- Separation of full and partial trauma benefits and introduction of a new trauma product option, Trauma Cover Optimum. The Optimum and Standard products cover 48 and 15 conditions respectively, for which a full benefit is paid, while an Optimum Partials Package option covers 18 different conditions on which a partial benefit is payable. Designed for flexibility, affordability and relevance to individual client needs.
Amongst other key changes are enhancements to AMP’s automatic upgrade rules, changes to its underwriting approach to diabetes, reducing the eligibility for income protection cover to those working a minimum of 15 hours per week and enhancements to key trauma definitions, including Cancer.
New premium rates will naturally apply to the new Trauma Cover Optimum products and income protection rates for new business will see minor changes for stepped premiums at older ages.
According to AMP’s National Technical Manager, Chris Kirby, the insurer has structured its initiatives and enhancements taking into account extensive adviser feedback, seeking to offer solutions that meet the varying and sometimes conflicting needs of clients and advisers.
Click here for a copy of AMP’s new-look, all in one PDS.
