OnePath has announced that its flagship OneCare risk products range will now be available through the Oasis wrap platform, and has also released enhancements to its OneCare Express quotation and eApplication tool.
OneCare Added to Oasis
OnePath’s risk insurance product OneCare will be made available via the Oasis super platform, part of OnePath’s wholesale administration wrap platform – Oasis Asset Management.
The platform will now offer advisers and clients both retail and traditional group insurance options, which OnePath says will provide a wider choice of insurance cover for clients.
There has been a strong demand … to integrate a competitive retail insurance offering onto the ‘badged’ superannuation wrap
Ross Bowden, General Manager of OnePath’s Superannuation and Investment division, said: “There has been a strong demand from dealer groups for Oasis to integrate a competitive retail insurance offering onto the ‘badged’ superannuation wrap.
“The OneCare offering ensures that our wrap platform is flexible enough to meet the demands of today’s investor for innovative and convenient products that meet their growing investment needs,” said Mr Bowden.
OnePath says key features of OneCare on the Oasis wrap platform include:
- A single trustee to oversee both super investments and insurance cover
- Comprehensive retail risk features available in super
- Full range of commission options – upfront/stepped/hybrid and level
- Wider TPD definitions, including own occupation
- Size and packaging discounts
- Use of OneCare Illustrator quoting software and OneCare Express online applications
- Consolidated reporting via annual statements and online reports
- Premiums can be deducted monthly, half-yearly and annually
- Tax deductibility of premiums
OneCare Express Enhancements
OnePath also announced enhancements to OneCare Express. As well as rebranding the software to match the new OnePath look and feel, the Illustrator and OneCare Express enhancements include:
- Increased screen and font size
- The ability to apply for up to $15,000 per month of flexible guaranteed Income Secure cover for professional occupations (previous max $10,000 per month)
- A prompt when applying for guaranteed Income Secure cover which asks the user to select a ‘full’ or ‘flexible’ guaranteed monthly benefit (where eligible)
- The ability to capture Qantas Frequent Flyer details
- The replacement ratio for income over $560,000 has been increased to 20% from 15% (reflecting the July 2010 enhancement)
- The functionality to create quotes for TPD Non-working cover (and other combinations of TPD cover) of up to $5,000,000 (where eligible)
- Refreshed forms and marketing material
- Updates to the medical provider, BSB, and postcode databases
