BT’s small business income protection product has been recognised in the 2015 CANSTAR Innovation Excellence Awards.
The Awards identify products from the banking, superannuation, and insurance sectors that show true innovation in the creative way in which they benefit consumers. BT was the only life insurance provider to be recognised in this year’s awards.
The BT Protection Plans – Key Person Income product was launched in May 2014, to meet a gap in the business insurance segment. The product protects the business revenue, should the owner or key revenue generator – for example a sales person or experienced tender specialist – have an accident or illness which temporarily affects business cashflow.
CANSTAR awards its five stars for Innovation Excellence where it sees uniqueness of product, a breadth of people helped by the product, and the ‘wow’ factor. The researcher said BT’s Key Person Income insurance product was unique in the Australian marketplace, observing that it extends coverage to the more than two million small businesses in Australia.
“We’re so pleased that the innovative Key Person Income product has received this outstanding recognition because it helps to highlight underinsurance in this particular area of the small to medium business segment,” said BT’s National Manager, Life Insurance Products, Scott Moffitt.
“By addressing the needs of a previously under-served business segment, BT is helping advisers provide a more holistic service to their clients who want to ensure their businesses continue to succeed.”
Key Person Income was also identified by riskinfo as one of 2014’s best initiatives. Click here for more.
