Less admin for OneCare
ANZ's life insurance cover, OneCare, is now allowing advisers and clients to spend more time focusing on wealth solutions and less time on administrative tasks.
ANZ said OneCare was now offering greater funding flexibility to allow split ownership of an income protection policy inside and outside of superannuation, improved client experience through a combined product disclosure statement and policy terms document, and new initiatives to streamline the cover's underwriting processes.
The initiatives include a new electronic pre-assessment tool and enhancements to the application process that allows clients to complete their personal statement online or over the phone.
ANZ Wealth head of life insurance, Gerard Kerr, said: "These initiatives demonstrate our ongoing commitment to power our advisers in a rapidly evolving industry".
"Alongside OneCare's updates, ANZ is also enhancing its adviser proposition with a new business transformation program that provides in-depth training for advisers to develop their practice, navigate change and supercharge growth," Kerr said.
Kerr noted that ANZ was also engaging with advisers though social media to help them grow their online profile and engage with clients using social content.
Recommended for you
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
The firm has announced it will no longer be writing new life insurance policies in the retail advised and corporate group insurance channels, citing a declining market and risk adviser numbers.
