Clients entering into a OneCare risk insurance policy from July 2016 will not be hit with any “unforeseen” premium rate hikes for two years, says ANZ Wealth.
According to ANZ, the “premium rate lock” will mean clients will not be subject to any “unforeseen” premium rate increases in the first two years of their policy.
However, the bank added that the rate lock will not apply to policies that have had increases to the original cover amount within the two years, associated age increases, CPI increases, policy fee increases and any government imposed charges.
ANZ Wealth’s insurance team has also developed a new predictive modelling to further assist advisers with client retention.
“We are providing further support to help advisers with their business retention needs by offering an innovative client retention program that will proactively identify and assist them to retain clients that are at risk of lapsing, based on our market-tested predictive model,” ANZ managing director of global insurance Alexis George said.
“These OneCare milestones come at a time of significant change for our industry with upcoming Life Insurance Framework reforms.
“We are committed to continuing our long-standing partnership with advisers as their most-widely recommended insurer for the past six years by focusing on ways to improve their businesses so they can continue to offer their clients award-winning protection and more value for money through OneCare,” Ms George said.
ANZ’s decision to provide premium rate certainty follows announcements from Asteron, and Zurich which are taking similar measures with their insurance products.
MLC also recently announced that it has taken action on insurance premiums by providing a 15 discount to clients aged 45 and over who enter into a life or TPD policy.