Following a series of national adviser boardroom sessions, CommInsure has rolled out enhancements to their product offering and launched an income protection tele claims service.
Franco Crapis, Head of Life Product & Strategy, said adviser feedback was positive and reflected CommInsure’s commitment to helping clients enjoy a strong and secure future.
“Advisers were very receptive to having the flexibility to offer their clients income protection split across two separate policies, one inside super and the other outside super,” Mr Crapis said.
“Split income protection offers a flexible structure allowing clients to get the best of both worlds. While offering income protection extras and benefits not available inside super, part of the premiums for the split cover can still be paid through super.”
Mr Crapis also said that, with the relaxation of the life expectancy requirement from 12 to 24 months, CommInsure’s enhanced terminal illness benefit presents as one of the most attractive in the market.
At the adviser sessions, CommInsure’s claims team also launched a new income protection tele claims service which, once some basic triage questions are answered, replaces a 20-page claim form with a brief interview over the phone. Historically, when a customer contacted CommInsure to make a claim, a paper claim pack was sent to the customer to complete and, on average, this would take approximately three months to be returned. Tele claims has been designed to remove this paperwork and facilitate a more personalised and faster claims experience for customers.
Advisers were also updated on several key product enhancements. They include more generous expiry ages, an ‘extended indemnity’ income protection policy which caters for a client’s highest average monthly income in any consecutive 12 month period in the 36 months before claim, several upgraded and new Trauma definitions, together with the continuation of Total and Permanent Disability (TPD) cover inside super when cover outside super ends under a split TPD arrangement.
“I was keen to hear advisers’ feedback after each boardroom session and was pleased when an adviser told me they believed the innovative personal touch with case management and claims assessment will put us in a strong market position,” Mr Crapis said.
The new Product Disclosure Statement (PDS) is effective 13 November 2016.
