It was the introduction of new benefits which won OnePath another gold in the Money Management/Dexx&r Adviser Choice Risk Awards – this time in the Term and TPD Rider Product category.
Head of retail risk, marketing and reinsurance at ANZ Wealth, Gerard Kerr said the strategy in the term and total and permanent disability (TPD) space was creating more flexibility for the consumer.
One of the features recently added to the OneCare Life Cover was the spouse retraining benefit, which covers the actual costs incurred for the training – or retraining – of the client’s spouse for the purpose of improving their employment prospects in the event the main breadwinner becomes permanently disabled.
“We recognise that it is not just the individual who is covered – the whole family has to go through the upheaval,” Kerr said.
“We look at the whole impact and things the whole family goes through during these events, which is where we brought the spouse retraining benefit.”
Another stellar product in the Term and TPD space is TAL’s Accelerated Protection, according to Dexx&r’s analysis, which snatched silver in this year’s awards.
Once again, flexibility seems to be the key.
Accelerated Protection allows the client to choose the type of insurance cover to protect their current life stage such as an addition to the family, new mortgage or new marriage.
However, it’s not the product design that differentiates TAL from others in the market, according to chief executive of retail life, Brett Clark.
“From a design point of view there is not a lot of differentiation, so for us it comes down to product delivery and ensuring that the price remains competitive,” he said.
Macquarie’s FutureWise Life cover won bronze in this category, which the company attributed to the so-called ADL [activities of daily life] approach.
Head of insurance at Macquarie Bank Justin Delaney said the new way of assessing claims would bring greater transparency and objectivity, specifically in the TPD space.
“It effectively gives our client a quicker turnaround in terms of our ability to pay TPD claims earlier than we might have otherwise (and in some cases that might not be paid at all),” Delaney said.
The next 12 months will see Macquarie Life continue to market some of the changes it launched this year.
“The extent of the ADL concept that we’ve brought to market is still something that we need to communicate more to ensure that advisers understand this option,” Delaney said.
