Welcome to our latest edition of Adviser News. We are quickly approaching our upcoming life risk update on the 29 March 2021.
This update will include alignment of our PDSs to the recent ASIC Unfair Contracts Regime which will see our industry review all contract terms to make sure they are fair and as unambiguous as possible. With this in mind, we will be making updates to remove ambiguity and ensure greater transparency in relation to certain terms and definitions.
As we are changing some of our policy terms, we have new instructions for any applications in suspense after 30 June 2021 which include these features
Any application with these benefits or options submitted by 28 March 2021 will have 13 weeks to complete under the old terms and conditions for those benefits and options. If the application is still in suspense after 30 June 2021, cover will be unable to complete as applied for so we strongly encourage you to contact to your Business Development Manager who will be able to support you and your teams.
Zurich Sumo will be temporarily closed to new business from 29 March 2020.
Zurich Sumo will be temporarily withdrawn from sale for new clients whilst we focus on innovating and strengthening our broad, multi proposition product suite. Please speak to your BDM who can help you cover the needs of those individuals or business’ who require high levels of cover.
Claims 2020: helping customers when they need it most
I am pleased to share with you our detailed claim statistics and customer insights for 2020. As a combined business we paid over $1.24 billion in life insurance claims to thousands of Australians when they needed it most. Operationally, with over 250 dedicated staff, we continue to bring a best of breed approach across our propositions to ensure we are treating every single claim with the care, empathy and compassion they deserve.
I would like to congratulate the whole claims team on winning the 2020 Claims Team of the Year for the third year running at the recent AFA Life Company of the Year Awards.
Working together to create a sustainable Income Protection industry
Long term industry sustainability is important to all of us. We’re investing heavily to support you and your clients through these changes. It is an important time in this journey as we collaborate with advisers to co-design these future products, to ensure the future needs of your clients are met. As part of this collaboration, we are busy rolling out our face-to-face IDII masterclass series in all states. These will also be made available in April as a virtual series on _ZONE Education. Your BDM has support tools you can start using today to help you and your practice prepare for these changes.Kind regards
FPA Roadshow
The FPA Roadshow kicked off last week as they start their travel to approx. 21 regional locations and 6 capital cities across the country. We are thrilled to be the Insurance and Education Partner for the event.
Throughout the events, the FPA will share their advocacy for advisers as change continues to impact our industry, and our Risk Strategy Specialists Adam Crabbe and Danni Visser will give insights on the key drivers advice leaders use to transform their businesses from good to great, plus they cover off the ‘need to knows’ around the upcoming IDII APRA changes which will soon be available on _ZONE Education. To register for an upcoming FPA event near you, go to >> https://fpa.com.au/fpa-community/fpa-roadshow/
Finally, and on a personal note, I’m excited to be travelling more in 2021 and connecting in person with so many of our close partners. With the important industry wide changes on the horizon, we want to ensure you are well supported with as little disruption as possible, so you can concentrate on servicing the needs of your clients.
Thank you,
Kieran