July 10, 2017

July 10, 2017 | Adviser News


Closure of Zurich FutureWise on 31 July 2017

On 15 May, Zurich released its first product update for 2017, with major enhancements to our flagship Wealth Protection offering. Along with our Active and Sumo products, the Zurich risk suite represents the broadest on sale range in the Australian market.

With this ’best of both worlds’ offering now available, and Wealth Protection including some of the most innovative features brought across from the Macquarie Life range, it is appropriate timing for us to close Zurich FutureWise to new business.

The closure of FutureWise will be implemented in two stages:

1. Closure of WebConnect and TeleConnect on 13 July
From 13 July (two weeks prior to the closure of FutureWise) the TeleConnect and WebConnect function will no longer be available.

This means that new business applications for FutureWise can still be submitted but the personal statement needs to be completed prior to the application being submitted.

2. FutureWise will close to new business on 31 July
FutureWise will close to new business as of Monday 31 July at 6:30pm.

Please be aware that no transition period will apply, and any incomplete quotes in the system after that time will be deleted. Please ensure you finalise and submit any outstanding applications before then. (This applies to both online and paper-based applications.)

FutureWise applications that have been submitted to underwriting prior to the closure date will remain active and processed as normal.

Although closed to new business, FutureWise will remain fully functional for existing policyholders. This means you can make amendments to clients’ cover, including to sums insured, ownership, and the addition of optional benefits.

Policyholders will also benefit from our upgrade facility, providing enhanced features, benefits and definitions where we upgrade Wealth Protection, if we decide these enhancements can be passed back to FutureWise policyholders without any additional cost.

Changes to existing FutureWise policies

Existing policies can still be managed via Insurance Online in the near term, however access to this portal will close later in the year as existing policies are moved across to Zurich systems. We will notify you of the new process for managing existing FutureWise policies in due course.

For more information
Should you require any further information on these changes, or to find out how Zurich can be the perfect fit for your clients, call your Zurich BDM on 1800 252 650.