OnePath says sayonara to sign-off

Outlining its new ‘offer of revised terms’ criteria – for situations when a client has been accepted on terms that differ from standard OnePath terms – the insurer said for life, TPD and trauma cover, sign-off would no longer be required with loadings up to 100%, no loading plus two medical exclusions, loadings of up to 50% with one medical exclusion, loadings of 100% with one non-medical exclusion and no loadings plus two medical and one non-medical exclusion.

Also included under the revised terms are a number of income cover, business overheads cover and major medical cover criteria.

Under the new terms, the adviser no longer has to produce a letter signed by the client and is instead able to confirm via email to OnePath that the terms have been discussed with and accepted by the client.

A OnePath spokesman said the changes were part of its commitment to make the insurance process simpler and more efficient for both the adviser and the client.

“These cases are fully underwritten up to particular thresholds and do not require a client to sign an offer. A simple email confirming the terms have been discussed and understood by the client will suffice.”

The company also outlined examples of the criteria where client sign-off will still be required, including cases where the sum assured is greater than $1 million for lump sum benefits, when a policy includes a permanent suicide exclusion and when the number of exclusions exceeds the number stated which can be accepted through an adviser.

“In some cases where the revised offer of terms is more material to the client’s particular circumstances, we require the client to sign off on these terms,” the spokesman said.

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

Comments from our readers

On 21 December 2012 at 7:05 am Amused said:

This story reminds me of when AMP announced earlier this year that it would be introducing telephone underwriting...Amazing how some insurers are only now adopting what their competitors have been doing as standard for ages.

P.S. If OnePath really want to make the insurance process more efficient for both the adviser and the client they might want to look at hiring more staff. Of course with the ANZ bank in charge it's unlikely this will be a priority given how that bank runs things.

On 21 December 2012 at 1:01 pm mike said:

Spot on Albert,they have been providing this service since April 2011. Why its news headlies to goodreturns right now i have no idea. Think Amused should get his facts right before commenting though,although his second point might apply not just to OnePath.

On 9 January 2013 at 12:22 pm Johnny said:

Sovereign have been doing small loading issues for what seem like years. Tower's idea is excellent I think, issue after 3 days if we don't hear otherwise.

Welcome to century 21 OP.

On 22 January 2013 at 1:37 pm Paul Carrick said:

As an adviser I would not be comfortable having a client accept any changes to policy from standard terms without a sign off as it's a long time between drinks from the time. The policy is put in place to a claim and or the client starts questioning why they may be paying more than originally thought.

Going to the client and having them sign the revised terms letter (by whichever means) may seem to be a bit of a hassle at times, however I family believe it is a good philosophy to protect all parties over the long-term

OnePath says sayonara to sign-off

OnePath has streamlined its process for advisers writing insurance business by doing away with the need for client signatures under certain circumstances.

Thursday, December 20th 2012, 4:31PM 4 Comments

Comments from our readers

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