ClearView has released details of its new life insurance product series, ClearView ClearChoice, which the company says is a smarter and fairer solution with significant changes to income protection.
A statement from the insurer says that after a year in development, it has also released details of its new life insurance platform, “the cornerstone of the group’s multi-year transformation program.”
The company says the platform will be the central point for advisers to access ClearChoice and engage with ClearView. It will be officially launched in October with additional functionality to be delivered in stages.
Simon Swanson, ClearView Managing Director, says that ClearChoice is a “…next generation life insurance product that addresses shortcomings in existing solutions and aims to meet the evolving needs of customers, advisers and regulators by retaining the features and benefits that matter most without the add-ons that increase cost but don’t deliver exceptional value.”
He notes that the market is resetting and ClearView, as an organisation, is resetting.
“We have redesigned our core life insurance product and we have also ramped up our investment in technology to help ensure that we continue to meet the evolving needs of advisers and customers,” he says.
Swanson adds that all retail life insurance companies are required to redesign and reprice their life insurance products to address the sustained under-performance of income protection, “…and ClearView has taken this opportunity to invest in our technology at the same time to ensure that our products are fit-for-purpose and we remain easy to do business with.” (See: APRA Sets New Course For IP Sustainability.)
IP and IP Flex
The company says that ClearChoice Income Protection offers two base structures to choose from: IP and IP Flex.
It says that IP pays up to 60 percent of pre-disability income to age 65. With IP Flex, this increases to 70 percent of pre-disability income for the first two years of a claim.
The statement says this can be extended to age 60 by selecting the Extended Income Support Option for those who need a higher level of ongoing cover.
It notes that customers can also select the Booster option, which increases the benefit amount by an additional 20 percent for the first six months of a claim.
The insurer says that in total, ClearChoice Income Protection offers nine built-in benefits, four optional extras and a TPD lump sum option for no additional cost.
“This highlights the product’s flexible design which provides greater support to customers when they need it the most while seeking to improve premium affordability and stability,” it states.
Nadine Gooderick, ClearView General Manager, Transformation says the October launch of ClearChoice on the group’s new life insurance platform would be a milestone in ClearView’s transformation journey.
“The volume and pace of change in financial services in recent years has been unparalleled and to keep pace ClearView is committed to investing in systems and technology,” she says.
Gooderick says the cornerstone of the company’s transformation program is “…an integrated life insurance platform which includes a new adviser and customer portal, policy administration system and underwriting rules engine.”
As part of the launch of ClearChoice on ClearView’s new life insurance platform, advisers will have access to educational content, explainer videos and client-facing tools to accelerate learning.
Click here for the Product Disclosure Statement released for advisers by ClearView.