AMP upgrades risk insurance
AMP has launched a range of product upgrades and new service initiatives across its retail and group insurance offerings, following similar moves by its competitors.
The main changes have been to its retail trauma and income protection cover, as well as the group offering.
The trauma insurance upgrade included changes to five key trauma definitions, including angioplasty and cancer, according to AMP head of wealth protection products, Michael Paff.
“Cancer is the most common form of trauma claim with 76 per cent of AMP claims in 2010 attributed to cancer, so we wanted to broaden the cover available to our customers,” Paff said.
AMP has also increased the maximum monthly benefit under the ‘guaranteed future insurability’ feature for income protection from $1,000 to $1,500. The insurer also added the occupationally acquired HIV and Hepatitis B or C as part of the inbuilt trauma feature.
Covering both retail and group insurance is the launch of an online claims concierge service – an extension of the phone-based service launched in May last year.
The product upgrades and new service initiatives will come into effect immediately and will be offered to all new as well as over 170,000 existing customers at no additional cost.
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