Trauma helps OnePath to healthy win

OnePath has repeated its success from last year by taking out the top honours in the trauma category in the 2011 Money Management/Dexx&r Adviser Choice Risk Awards.

The win came as OnePath added out-of-hospital cardiac arrest to its Trauma Premier product and changed its cancer definitions, according to OnePath head of product marketing and reinsurance, Gerard Kerr.

“Some of the changes are just recognising that the speed at which medical knowledge is increasing is still at a fast rate, so we need to make sure that the definitions continue to capture those changes,” Kerr said.

He added that learning from clients was central to improving OnePath’s offering.

“We constantly talk to the clients, and they tell us what happens in the real world. They’re sharing some of the experiences that they’ve seen in a trauma claim,” Kerr said.

TAL grabbed the silver in the trauma category with its Accelerated Protection Critical Illness Premier product.

“Critical illness is a benefit that has been more successful globally that in Australia,” said TAL retail life chief executive, Brett Clark.

“There’s more work to do around raising consumer awareness about what is available here, and how it can help protect individuals and their families,” he said.

Clark added that when it came down to differentiation, culture was the key factor – and TAL was one of the few organisations that was a life insurance specialist.

“It’s all we think about, and it gets all of our attention. That’s important when the market is looking for specialisation and excellence,” Clark said.

CommInsure won the bronze award with its Total Care Trauma Plus offering, which CommInsure general manager for retail, Tim Browne, put down to a business model that was focused on customer service.

“Our Fast Track Claims for short-term duration claims is a good example – instead of paying a client monthly in arrears, we will seek to advance the monthly payments,” Browne said.

But what really makes CommInsure stand out from the crowd is its position as the only insurer in the Australian market to include trauma reinstatement as a built-in benefit.

“Following an initial full trauma claim, all clients are given the opportunity to reinstate their valuable trauma cover. Should a second unrelated illness strike, the full benefit may be payable again,” Browne said.