A new insurance offering has been released by OnePath, designed to help bridge the gap between holistic advice and direct products.
The new product, called SmartCare, is a simplified version of OnePath’s retail insurance offer, OneCare. The insurer says SmartCare is targeted at consumers who are looking for a comprehensive, retail-style offer, without a range of optional extras and no pre-existing condition clauses.
Gerard Kerr, Head of Retail Products Marketing & Reinsurance, says the offer is a proactive approach to the changing regulatory environment.
We’ve heard a lot discussion around scaled or limited advice, and that’s an area that the overall market seems to be focused on
“We’ve heard a lot discussion around scaled or limited advice, and that’s an area that the overall market seems to be focused on,” Mr Kerr told riskinfo.
“So we thought we should create a product that would easily align with the scaled advice offer.”
Currently SmartCare is only available through ANZ Wealth’s MyAdvice channel, a telephone based advice service launched earlier this year (see our story from last week: Phone Advice Doesn’t Have to be Limited). However, Mr Kerr says the group may look to release the offer to its aligned advice network or potentially the open market.
“We’re monitoring the take up of the product through My Advice and may consider a future rollout to the open market. I see it as complementing not cannibalising the full advice offer,” he said.
Mr Kerr said the product leverages the underwriting rules engine and technology that powers its retail e-application, OneCare Express. “We believe we’ve got the best rules engine in the market, and because the product is leveraged off the OneCare offer we can apply the same underwriting rules to SmartCare.”
“In building the product we were very conscious of retaining the core elements of OneCare, but dialling out some of the features.”
He added that where a client’s protection or advice needs are deemed more complex, the case is referred to a financial planner for a more holistic approach.
