{"id":34246,"date":"2016-08-19T10:00:35","date_gmt":"2016-08-19T00:00:35","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=34246"},"modified":"2016-08-24T03:34:50","modified_gmt":"2016-08-23T17:34:50","slug":"amp-flags-new-non-definition-based-product","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2016\/08\/19\/amp-flags-new-non-definition-based-product\/","title":{"rendered":"AMP Flags New Non-Definition Based Product"},"content":{"rendered":"<p>AMP has flagged the rollout of a new TPD and income protection product that will not require medical definitions but will assess whether claimants can return to their pre-claim lifestyle.<!--more--><\/p>\n<figure id=\"attachment_25107\" aria-describedby=\"caption-attachment-25107\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2014\/02\/Craig-Meller-2.jpg\" rel=\"attachment wp-att-25107\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-25107\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2014\/02\/Craig-Meller-2.jpg\" alt=\"AMP CEO, Craig Meller\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-25107\" class=\"wp-caption-text\">AMP CEO, Craig Meller<\/figcaption><\/figure>\n<p>AMP Chief Executive <strong>Craig Meller<\/strong> announced the development and release of the product at a media briefing for the group\u2019s half yearly results in which it posted a 52.5% decline in profit for its wealth protection business, driven by negative experience in income protection and lump sum claims.<\/p>\n<p>Meller said the life insurance sector had historically used particular illnesses, and definitions of certain events, to gauge if a person was eligible to receive an insurance payout but the new product would move to a consumer based outcome.<\/p>\n<p>\u201cWhat we\u2019re trying to achieve in the new product is a solution that says \u2018if you are no longer able to work and you need to restructure your lifestyle, this product will assess that requirement\u2019 rather than,\u00a0\u2018you have to have a heart attack to a certain prescribed definition in order to get a payment\u2019,\u201d Meller said.<\/p>\n<p>\u201cWhat we are trying to achieve is a more consumer oriented outcome that is driven by consumer need rather than a medical definition. That\u2019s pretty different to the way life insurance, particularly TPD and trauma, have been defined historically,\u201d he added.<\/p>\n<p>He stated AMP would be taking an incremental approach to introducing the product which would be launched to AMP advisers within the next few months.<\/p>\n<p>Speaking about the group\u2019s half year results Meller said AMP had reported a net profit of $523 million for the half year to 30 June 2016, up 3% on $507 million for the first half of 2015.<\/p>\n<p>However, the operating earnings for AMP\u2019s wealth protection business were around half of that of last year at $47 million for the first half of 2016 compared with $99 million for the first half of 2015 with performance impacted by poor claims experience across income protection, lump sum and group insurance.<\/p>\n<p>\u201cTo address performance in the insurance business AMP is strengthening income protection assumptions, repricing, continuing the transformation of claims management and accelerating our capital management initiatives,\u201d Meller said.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>AMP has flagged the rollout of a new TPD and income protection product that will not require medical definitions but will assess whether claimants can return to their pre-claim lifestyle.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[],"class_list":["post-34246","post","type-post","status-publish","format-standard","category-company-news","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=34246"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/34246\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=34246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=34246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=34246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}