website<\/a> and in a series of notifications to advisers stating that from 6 May 2018, some clients with level premium income protection policies that were inforce before 15 February 2014 will receive an average 20 per cent premium increase.<\/p>\nAdvisers who have clients that will be impacted by the change, and the clients, will be notified of the change two months prior to their policy anniversary.<\/p>\n
CommInsure stated the change was necessary so that it can continue to pay claims and \u201c\u2026it is incumbent upon us to regularly review the experience of claims against premiums charged for all insurance cover provided\u201d.<\/p>\n
\u201c\u2026it is incumbent upon us to regularly review the experience of claims against premiums charged…”<\/h6>\n
\u201cAs a result of numerous factors, including higher than expected claims experience and a sustained low interest rate investment environment, income protection premium rates are being reviewed across the Australian life insurance industry,\u201d the insurer wrote on its website.<\/p>\n
Advisers were encouraged by CommInsure to use the change of premium rate as \u201c…an opportunity for clients to review their insurance and consider both affordability and perceived value\u201d and to \u201c\u2026help clients understand what can be changed to manage affordability while also retaining their important insurance cover\u201d.<\/p>\n
The insurer also announced to advisers that its existing underwriting rules engine, WriteAway, will be replaced by a new engine named MyApply while its current quoting tool, CALQ, will be replaced by new system, MyQuote from 9 April, 2018.<\/p>\n
CommInsure has yet to reveal specific changes under the new tools but stated they were developed in consultation with a team of advisers and would \u201c\u2026introduce a smarter, simpler experience for you and your clients\u201d<\/p>\n
\u201cWe’re combining the best in global technology with more sophisticated, intuitive application rules to ensure we ask the right questions at the right time to the right people,\u201d CommInsure stated.<\/p>\n
\u201cFor example, we’ve never found an accountant that works underwater, so when the online engine identifies the occupation of the applicant, we will only ask the relevant questions and not a standard set of questions,\u201d CommInsure added.<\/p>\n","protected":false},"excerpt":{"rendered":"
CommInsure has flagged a series of changes including an increase on income protection premiums and the launch of a new underwriting rules engine to replace its current system.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8294,48,4,5],"tags":[],"class_list":["post-40352","post","type-post","status-publish","format-standard","category-claims","category-company-news","category-products","category-services"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40352","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=40352"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40352\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=40352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=40352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=40352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}