OnePath news

OnePath have announced some changes to their systems. From the 1st of October they will be moving away from their current "back-end" system Talisman to the cloud-based Sonata system. Due to the change they have requested all applications and requirements required will need to be submitted by the 26th of September as there will be a close out period from the 26th September to the 1st of October.

To align with the move to Sonata OnePath are also launching a new payment process. This system will automate the process for advisers collecting credit card and direct debit details.

OnePath have also announced two appointments to their Adviser Distribution team. Chris Hand taking the role of Senior Manager, Adviser Distribution and Carol Saxton as Business Partnership Manager.

 


CIGNA announces intention to bring all OnePath life insurance business to CIGNA book

CIGNA's recent announcement:


Since Cigna Corporation acquired the OnePath Life business at the end of November 2018 from ANZ Bank, OnePath has continued to provide cover to its policyholders as part of Cigna.

Please be advised that we are intending to combine the businesses by transferring the OnePath Life insurance business to Cigna Life Insurance New Zealand (Cigna). If this is approved by the Reserve Bank of New Zealand, the insurer of all OnePath policies will change to Cigna Life Insurance New Zealand Limited.

As part of our application to the Reserve Bank, we are required to seek feedback from policyholders.

We wanted to give you a heads up so you can support your clients through the process and respond to any questions they may have. We have included a copy of the letter and FAQs that your clients will receive. We will have these posted by the end of this week.

You can rest assured that none of this will change our day-to-day business operations or how we support you, and there will be no change to your client’s policy and service they receive. Having a single legal entity will help us operate with greater efficiency to deliver to both you and your customer’s needs.

Where your client has multiple relationships with OnePath, they will receive one communication directing them to our contact centre for any questions.

If your client wants to provide feedback through you, we would appreciate if you could provide this to us via the online form at cigna.co.nz/feedback. Of course we are always available if you need us or have any questions yourself, please contact your Business Partnership Manager.

Kind regards,

Gail Costa
CEO, OnePath New Zealand and Cigna New Zealand


Product and pricing changes for OnePath, nib, Asteron Life, Southern Cross, AIA and Sovereign

An absolutely huge couple of weeks of changes: 

Pricing:

  • Updated OnePath Mortgage Protection Prices effective 1 July
  • Updated nib health prices effective 1 July
  • Updated Southern Cross health prices effective 1 July
  • Updated Asteron Life and Trauma rates effective 1 July

New Features:

  • Needs Analysis – added Standalone and Accelerated options for existing Trauma and TPD insurance
  • Research report – added a new page at the end explaining the QPR Research methodology

Research:

Completed a big set of changes, with some quite substantial shifts (see more posts later today and next week)

Clipboard01

Eligibility rules:

  • OnePath - Income Protection, Mortgage Protection and Trauma - changes in entry ages
  • OnePath - Income Protection - age limit changed

Quotemonster updates

A monstrously big few weeks of development and change on the Quotemonster platform. Here is a list of recent updates: 

Research Updates:

  • AIA Life new policy wording May 2019
  • Sovereign Life new policy wording May 2019
  • Sovereign Mortgage Protection new policy wording May 2019
  • Sovereign IP Indemnity Value new policy wording May 2019
  • Sovereign Loss of Earnings new policy wording May 2019
  • AIA Medical new policy wording May 2019
  • Asteron Remediation Special Events and Child Benefit
  • OnePath Remediation IP, Trauma, TPD

New:

  • The Statement of Advice report now displays an expiry date
  • Asteron Life Trauma now defaults to ‘Trauma Cover with Early Trauma Benefit’ in the Settings window
  • Improved usability on small Apple screens
  • Changed the way company selections work on the Research screen. If you select companies under a single benefit it will not save this selection for other benefits . However, if you choose ‘Package’ first and then select companies it will save this selection for each of the benefits.
  • Added a new option for printing prices from the Benefit Details screen. If you click on the price for a particular company the price details screen now has an option to print out the price for that single company as well as an option to print all price

Improvements:

  • If you are combining providers for Life and Health benefits the health premium will now displays on the Head to Head report
  • Clarified the wording on the AIA Trauma Early Cancer Upgrade option to make it clearer that it is female early cancer
  • Made the Income and Expenses section of the Statement of Advice match the Needs Analysis screen
  • Improved the Needs Analysis Life and IP cover amount calculations
  • Fixed a problem with Adviser Comments on the Statement of Advice
  • Fixed an issue with Head To Head on existing quotes and tidied up the report printout
  • Made improvements to the way customer logos appear on reports
  • Fixed a problem with the research report not displaying the same companies as those selected in the Research screen.

 


Super-indemnity issues when combining IP and MP benefits

Combinations of IP and MP that create high replacement ratios have been highly sought-after by advisers on behalf of their clients for some time. The pressure on family budgets for clients, combined with the desire to demonstrate competitive advantage, have brought replacement ratios for the combinations higher. Yet higher replacement ratios are, at claim time, correlated with longer claims and a poorer prognosis for a full return to work. Above all, a benefit that is higher than pre-disability income, is to be avoided. The incentives then are really turned on their heads. That has been a factor in the changes to a number of products. The restructure of Asteron Life's MP last year, and the introduction of the clause below from OnePath: 

Opl concurrent payment


OnePath Product Changes

OnePath has announced a number of product enhancements effective 9 April, they have also updated their application form making it easier and shorter for clients to fill out.

Here is a list of some of the changes:

Mortgage Repayment Cover

  • Now include cover for rental obligations or income, which were previously unavailable with this product.
  • We have changed the offset provision and have introduced a claim payment cap of $7,500 per month before offsets apply. 
  • A 10% price increase associated with these enhancements for new policies is targeted for June 2019. However the enhancements will be effective immediately for new policies sold from today. Our pricing will still be competitive and provide your customers with great value for money.

Introductory inflation option on MRC

  • We have introduced the inflation option to Mortgage Repayment Cover. And, as a special introductory offer there will be no additional cost for this benefit for new business sold in the next six months.
  • New customers will have this benefit option included in their policy free of charge. After the first 12 months of the policy your client will be able to retain or remove this benefit at renewal. If they choose to retain it, they will pay a premium for this going forward.  
  • Once Sonata is introduced (targeted for late September) this benefit will become optional for all customers.

Other product changes

Further changes include, but are not limited to: 

  • improved guaranteed insurability option and life events within Assurance Extra. 
  • increased bereavement support benefit to up to $25k.
  • extended the period of premium suspensions under the Assurance Extra Parental Leave Loyalty Benefit.
  • removed the three month exclusion from Complete Disablement Cover.
  • updated some trauma definitions to reflect current medical practices.