We’ve created the ‘Hub’ as a one-stop knowledge and resource centre, to help our partners understand - and adapt to - the many significant changes coming to our life insurance offerings later this year and in 2022.
These changes are designed to improve the customer centricity and sustainability of our product range - this combination of regulator and insurer driven changes will see improvements in:
You will soon have access to a suite of practical tools and resources - as well as the support of your Business Development Manager - designed to help embed these changes into your business and advice processes easily and efficiently.
These resources will be launched in phases in the lead up to the changes and will include templates, fact sheets, FAQs and educational videos, along with a new suite of customer facing materials.
These resources will be accessible here as soon as they become available, so remember to bookmark this page!
Call 131 551 with any questions or to speak to your Business Development Manager.
Early September 2021 - Pricing adjustments
Pricing adjustments start to be communicated to existing customers across all life insurance portfolios. We will contact you shortly with specific dates and information.
Fairer, more sustainable pricing
27 September 2021 - Individual Disability Income Insurance (IDII) products
New Individual Disability Income Insurance (IDII) products launched to reflect industry wide sustainability requirements.
More certainty, stability, and sustainability
27 September 2021 for Zurich - Duty to take reasonable care
Duty of Disclosure replaced with ‘Duty to take reasonable care’ - lowering the burden of disclosure on clients. Applies to all consumer insurances (life and general).
Improved client confidence at claim time
5 October 2021 - New Design and Distribution Obligations (DDO)
New Design and Distribution Obligations (DDO) apply to product issuers and distributors. Designed to ensure financial products are more aligned to client needs, requirements include mandatory documenting of target clients (via a Target Market Determination, TMD) and new reporting and data collection requirements for distributors.
Benefits to clients become clearer
1 October 2022 - 5-year contract term
5-year contract term limit for new IDII policies starts.
More contemporary, affordable, protection