AMP has highlighted that enhancements released in its latest risk products upgrade will be passed back to its existing policy holders with no accompanying pre-existing conditions clause.
This initiative appears to be exclusive to AMP, and has been used by the insurer to emphasise the additional value of the product enhancements it has made in this update, which takes effect this month.
In the release announcing the key elements of the upgrade, AMP’s new Director of Retail Risk, Michael Rogers, said that in using AMP’s automatic plan enhancement feature, existing customers will be upgraded to the broader protections at no additional cost and without a pre-existing condition exclusion.
“These developments are designed to ensure AMP’s insurance offer remains contemporary and relevant, fulfilling the insurance needs of more Australians,” said Mr Rogers.
While 33 product enhancements have been made to the insurer’s individual risk insurance range, AMP has at the same time emphasised the importance of the ‘totality’ of its market offer, of which the product enhancements form one element.
Also highlighted by AMP’s Head of Technical Strategies, Wealth Protection, Chris Kirby, are the enhancements made by AMP to its online claims notification process and the introduction of electronic claim forms in order to further enhance the overall claims process for policy holders.
The enhancements made to AMP’s claims processes follow a survey of claimants who had experienced an income protection claim. The two key messages from claimants to AMP to improve their experience were:
- Better incorporation of technology into the claims process
- Make it easier to communicate
Based on this feedback, AMP has created a selection of 38 tailored electronic claim forms. The form that is the most appropriate for the nature of the claim request will then be delivered to the claimant for completion and return online.
The product enhancements include the following initiatives that are not commonly available across the industry:
- Introduction of an accommodation benefit for certain lump sum insurance claims
- Introduction of a Change of Employer feature (reduction of waiting period and continuation privileges) to protect the value of a client’s income protection or Temporary Salary Continuance insurance cover
Advisers can click here to download a copy of AMP’s enhancements guide for the upgrade, which provides more details on the 33 product enhancements and also covers additional underwriting and claims service initiatives.
The Supplementary PDS and PDS can also be accessed from our riskinfo Resource Centre: click here.
