CommInsure has almost completed its national adviser roadshow series, which introduces a range of product and service enhancements for advisers and their clients.
Presented under a theme associated with ‘More’, CommInsure outlined its initiatives in terms of More Cover, More People (eligible for cover), More Benefits and More Support.
The insurer has targeted specific product and service segments which it sees as either reflecting economic trends (eg the continuing growth of the mining sector), social trends (more part time workers) or presenting enhanced service benchmarks through better use of technology.
A key product enhancement announced by CommInsure is the introduction of 33 new mining occupations now able to access risk insurance cover. This increases mining-specific occupations in CommInsure’s book to more than 40.
Having a unique occupations-based cover means that we can provide life cover right across the mining sector
CommInsure’s General Manager, Retail Advice, Tim Browne, commented: “Our medical specialists and underwriters have analysed mining jobs, conditions, salaries and medical requirements to open up more insurance options for miners. Having a unique occupations-based cover means that we can provide life cover right across the mining sector.”
Other product enhancements included:
- Provision for blue collar workers to be able to access a new own occupation option on TPD cover. Clients only need be absent from their own occupation, not all occupations, in order to claim.
- Reduction of the threshold for part-time workers from 30 to 20 working hours per week, in order to qualify for income protection and TPD. CommInsure notes this move reflects increasingly flexible and varied work arrangements, with more than 35 per cent of employees now working part-time in Australia.
- Ability to replace 100% of pre-disability income for income protection policy holders suffering serious medical conditions (total disability claims)
- Higher sums insured available for child cover
Highlighting CommInsure’s services upgrade was the announcement of significant service improvements in processing trauma insurance claims. Previously having focused on reducing the average time taken to manage income protection claims, the insurer says it is now processing 40% of new trauma claims in 48 hours.
Other support initiatives highlighted by CommInsure included:
- An updated adviser website
- A new range of courses available at no cost, through the CommInsure Risk Sales Academy
- Availability of CommInsure’s Technical Managers, led by Jeffrey Scott, to assist advisers better understand industry and product developments
In summarising this round of enhancements, Mr Browne commented, “Many individuals go through life thinking that illness or injury will not happen to them. The unfortunate reality is that it can and does happen. These product enhancements will make it easier for more Australians to put more cover in place.”
Advisers can click here for more details regarding these enhancements, which take effect from 20 November 2011.
