by Rob Hosking
The main add-on is the introduction of an accelerated trauma option (ATO) to its Smart Life product. And if a single event causes both an ATO and a total permanent disablement (TPD) claim, both types of cover will be paid, with the total amount capped at the level of the SmartLife sum insured.
The “ripple effect” from the changes include closing SmartLife Max to new business, as it “doesn’t have a role any more” says Asteron manager of risk products Jeremy Lawrey.
And Asteron’s insurance for children, KidsLife SmartLiving, is being added to the SmartLife product.
Managing director Sean Carroll says the changes have been driven by feedback from advisers about what the market wants.
There has been a lot of feedback about making use of products easier for advisers, and Carroll says this will be a major area of focus over the next 12 months.
“I’m not saying we should be Telecom or someone like that – we have a relatively complex product – but we need to do better.”
Feedback from advisers over key concerns listed six factors, with product at the top.
“When we drilled down into that we found that underwriting flexibility was the most important aspect of the product.
“People want to feel the underwriter is trying to get the case onto the books and not trying to get it off the books. That relationship with underwriters is crucial.
“I think we have improved in this area, but there’s still a lot of work to do.”
Commission was relatively low down in importance, he says, which on the face of it was surprising.
“My interpretation of that is that its not important so long as it is within the ballpark. As long as its broadly competitive its not a major concern,” Carroll says.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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