Consistent pricing key to win
An ability to maintain consistent pricing in income protection products even during challenging periods was the key to MLC's win for its Insurance Income Protection Platinum Super product.
Chief customer officer, retail advised insurance, Melissa Heyhoe, said that when it came to income protection, she and her firm had a vital role in helping clients return to work in whatever manner that suited them.
"We offer multi-cover discounts to our income protection customers so where they take out particular levels of term or TPD [total and permanent disability], there are various scales of discounts that they can have access to," Heyhoe said.
The firm was also investing in its claims teams as well as its rehabilitation specialists to aid clients in returning to work at the most optimal time, she added.
Coming second in the category was BT's Super Wrap Income Protection product, and the firm attributed its win for its ability to provide customers with flexibility in the way they funded their insurance.
Customers can fund via platforms including BT Wrap and Asgard, via rollover from superannuation accounts, direct debit, credit card, and by cheque.
National manager, life insurance products, Scott Moffitt, said innovation was central to the insurance sector, and the firm was focussed on delivering new and improved products and services to attain the best outcome for customers.
"We continue to innovate across different parts of our business, including the introduction of Australia's first health outcome measure, and also extending our terminal illness payments to customers from 12 months to 24 months," Moffitt said.
"To support our customers who have claimed, we have developed a comprehensive health support program. This initiative uses a combined bio-psycho-social approach to a claimant's rehabilitation, which is planned and monitored by medical experts alongside our claims consultants."
OnePath's OneCare — Income Secure Basic Super walked away with the bronze award in the category.
Super Disability Income Product 2016
Gold — MLC: MLC Insurance Income Protection Platinum Super (MLC MasterKey)
Silver — BT: BT Super Wrap Income Protection (MLC SuperWrap)
Bronze — OnePath: OneCare - Income Secure Basic Super (OnePath OneAnswer)
AUTHOR
Malavika Santhebennur
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