Nib's pricing changes to their Ultimate Health and Ultimate Health Max products effective 1 April are now live on Quotemonster.
Partners Life have added several benefit enhancements to their existing products which were effective from 1st April and will be automatically added to existing clients' policies.
Here is a breakdown of the changes:
Life and Life Income Cover
- Repatriation benefit has been added
- Partial Payment - the 90 day stand-down period has been removed on a number of conditions
- Sick leave entitlements earned prior to disability are not offset
Income Cover, Mortgage Repayment and Household Expenses Cover
- Changes have been made the the Fixed Payment Terms
Mortgage Repayment and Household Expenses Cover
- TPD Booster Option now available
Private Medical Cover
- Changes to excess rules
- Changes to Surgical and non-surgical hospital admission for Cancer
- Changes to Overseas treatment benefit
- A few changes to a number of items
These changes are likely to be reflected on Quotemonster in the next couple of weeks.
UK Insurer Friends Life paid out more than double the 2013 amount for fractured bones in 2014. The youngest claimant was 19, while the oldest was 71 and only 13% of these claims were by females.
Read more here.
This press release has just been released by Southern Cross:
"Medical Woes No Longer A Pain In The Wallet For Travellers
Southern Cross Travel Insurance is removing its $100 excess on TravelCare medical claims, the only insurer in New Zealand to offer no medical excess as part of their standard policies.
Craig Morrison, SCTI CEO, says the company has built its business on what is best for customers and the move further entrenches that philosophy.
“If our customers are making a medical claim, it is quite likely the experience they went through overseas was a stressful one.”
12% of all SCTI claimants in the last half of 2014 called Emergency Assistance when travelling. 51% (or over 1,800) of those calls were medically related.
Morrison says, “From our point of view, when you consider that medical costs can easily run into the hundreds of thousands, $100 is a trivial amount. We simply believe that removing the excess, and therefore any additional stress, is the right thing to do.”
Morrison says removing the excess will hopefully ensure travellers who suffer minor ailments seek medical attention more promptly, to prevent a minor problem from becoming a major and costly one.
SCTI research showed that over half of all Kiwi travellers have suffered from some sort of minor illness while abroad, the most common of these being a cold or flu (19%), travellers’ diarrhoea (16%) and travel sickness (12%).
“We recently had a case where a coral cut wasn’t checked. It then got badly infected and cost $60,000 to fly the traveller home from Raratonga via air ambulance,” says Morrison.
“Similarly, a traveller to Australia was hospitalised with a foot ulcer and cellulitis caused by a spider bite, which then required an upgrade to business class in order to have the foot elevated during the flight home.”
The removal of the excess will take effect from today. The cost of SCTI’s travel policies will remain the same."
Maryvonna Gray from Insurance Business NZ writes "Complaints against insurance companies have dropped by a third in the half year from July to December 2014, according to Financial Services Complaints Ltd (FSCL). The disputes resolution scheme, which is the largest of the four schemes available to insurance companies, said there were 28 cases opened in that period compared to 37 in the corresponding period of 2013."
Click here to read the full article.
According to Darren Stevens from Australian website Risk Adviser "While life insurance companies are busy dealing with business as usual imperatives, game-changing social and digital trends are unfolding that stand to turn the industry on its head."
Stevens warns life insurers must prepare their businesses to cater for these trends – not next year or in five years’ time – but right now.
The article lists in detail these trends that are happening right now:
- The Millennials
- Social capital
- Predictive analytics
- Insurance bought not sold
And these trends which are close at hand:
- Wearable technology
- The internet of things
- The cloud
Followed by these trends on the horizon:
- Medical advances
- Safer lifestyles
- Cyber security
The term 'millennials' is used to describe people born between 1980 and 2000, this group is one of the most underinsured groups today.
Chantall Marr from LSM Insurance explains the factors contributing to the disconnection between millennials and insurance companies including:
- Insurers don't full understand millennials
- Many insurers don't engage on social media enough
- Accessible and user-friendly websites
- Insurers underestimate millennials
Click here to read in more detail.
Contrasting expected causes of claims for trauma insurance can be useful in considering what conditions are most important.
Chantal Marr from LSM Insurance Canada discusses the importance of critical illness insurance and the leading causes of claims.
In the table below we compare LSM's figures with QPR's NZ figures. QPR's figures are gender specific as the number of claims for males and females for each of the items below can be significantly different. They are also based on claims incidence for the product, rather than population incidence, that means that the heavy weighting for cancer and heart attack comes down a little relative to other causes because the insured age group is younger.
Marr also covers a list of points clients should be sure are discussed with their adviser, such as, type and duration of cover, illnesses covered and restrictions plus any exclusions.
Click here to read more.
This article by Andy Marshall explains the impact of mental illness on insurance claims and discusses whether depression is being over-diagnosed. In this case the context is medical insurance in Australia. However, it is worth a look as it also covers some of the ground rarely traversed by New Zealand media when they are unhappy that an insurer can discriminate on the basis of mental illness of any kind, including depression. It does have an impact, and although most people with depression will live full lives, others, sadly, will not. Everyone needs to price the cover for that extra risk.
It's no secret that referrals are among the top ways companies and advisers get leads and new business. Here are 25 tips to getting quality referrals.