ANZ Wealth’s award-winning OneCare insurance solution is celebrating its 10th anniversary this month, a significant milestone for the bank and a notable achievement within the insurance industry.
Since its launch in November 2005, OneCare has built up a solid reputation as an industry leader with more than 40 major industry awards in recognition of its comprehensive cover features and outstanding value for money.
Alexis George, ANZ Managing Director, Global Insurance said: “This is a special milestone for our business and it’s great to reflect on the support and protection we’ve been able to provide to customers over the last ten years.
“More than 300,000 people have chosen OneCare to help protect their future and we’ve paid over $5 billion in much needed claims. These results reflect the hard work that has gone into building a solution that meets the changing needs of our customers – and our advisers.”
To celebrate OneCare’s 10th birthday and as part of ANZ Wealth’s commitment to further strengthen its partnership with advisers, from July 2016 all clients who enter into a new OneCare policy will be provided with a two-year premium rate lock. This means that all new OneCare clients from July next year will have the added peace of mind that they will not be subject to any unforeseen premium rate increases in the first two years of their policy (see note 1).
ANZ Wealth’s insurance team has also developed a new predictive modelling tool 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.
“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 longstanding partnership with advisers as their most-widely recommended insurer for the past six years2 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.
Note 1:
Two-year premium rate lock will not apply to:
. increases to original cover amount within the first two years of the policy
. associated age increases (stepped premiums)
. CPI indexation increases
. policy fee increases, and
. any Government imposed charges, such as stamp duty.