ANZ Enhances OneCare Offerings
On 10 May 2012, ANZ announced a number of changes intended to strengthen its OneCare offering, the retail life insurance product that is part of ANZ’s OnePath service.
Those changes went into effect on 26 May 2012 and touch on several of OneCare’s features, including service, technology and product components. According to Gerard Kerr, Head of Product Marketing and Reinsurance for ANZ, "OneCare was launched seven years ago and since then we’ve constantly evolved it to ensure we continue to provide our customers with a superior life insurance solution that meets their needs."
In a step that several other companies have taken, ANZ has created a new SuperLink option that allows added flexibility in total permanent disability (TPD) cover. Ownership of a TPD policy can now be split between a superannuation policy and an ordinary policy outside superannuation, giving customers, in the company’s words, "the best of both worlds."
ANZ has also introduced Business TPD, an offering that allows up to $10 million cover for business owners. The change was made "because we recognise that business owners often need higher levels of TPD cover to protect their personal and business commitments," according to the company.
TPD cover is also the focus of two other broad changes.
First, the company has updated its definition of trauma in light of current techniques of diagnosis and treatment, a change which, according to ANZ, will provide for partial payment for some trauma events. It has also revisited and improved its existing trauma definitions.
Second, it has changed its Income Secure Cover to incorporate a third tier that provides for the assessment of a covered event, whether injury or illness, against the earning potential of the insured, and it has extended this new tier to both total disability and partial disability contexts.
Finally, in response to customer feedback that indicated a general antipathy to time-consuming processing of claims, ANZ has instituted a “tele-claims” process designed to streamline and personalise the claims experience.
According to Kerr, “These enhancements to OneCare demonstrate our ongoing commitment to providing the most comprehensive and flexible life insurance product in the market.” The feedback of customers was not the only influence on the company’s decision to modify its OneCare offerings. “These enhancements, which take effect on 26 May 2012, have been specifically designed in response to customer and adviser feedback,” Mr Kerr said.