AMP has launched a range of product enhancements and new service initiatives across its retail and group insurance offerings, effective immediately.
AMP Director of Wealth Protection Products Michael Paff said the enhancements will be offered to new as well as over 170,000 existing customers, who will be automatically upgraded at no additional cost.
“These developments are designed to ensure AMP’s insurance offering continues to be contemporary and compelling to our existing and new customers,” Mr Paff said.
Over 30 enhancements have been made to AMP Flexible Lifetime – Protection. These are strengthened by the product’s Automatic Plan Enhancement feature, which ensures claims that existing customers make after 28 March will not be denied for the new enhancements on the basis of a pre-existing condition.
Enhancements to AMP Flexible Lifetime – Protection include definition changes to Trauma insurance, changes to the Guaranteed Future Insurability feature for Income Protection and additional inbuilt Trauma features.
The Trauma insurance upgrade includes changes to five key trauma definitions, including Angioplasty and Cancer.
“Cancer is the most common form of Trauma claim with 76 per cent of AMP claims in 2010 attributed to cancer, so we wanted to broaden the cover available to our customers,” Mr Paff said.
Income Protection enhancements include increasing the maximum monthly benefit under the Guaranteed Future Insurability feature from $1,000 to $1,500 and the addition of occupationally acquired HIV and Hepatitis B or C as part of the inbuilt Trauma feature.
AMP has also made four significant improvements to its group insurance offer, including allowing Automatic Acceptance on plans with five or more members and increasing premium discounts on plans with up to 800 members.
“These upgrades are about making it easier for new group clients to gain access to insurance,” Mr Paff said.
Covering both retail and group insurance is the launch of an online claims concierge service, an extension of the phone-based service launched in May last year. This online service can be accessed via www.amp.com.au/claims and enables customers and planners to lodge a claim 24
hours a day and receive a response within 24 hours.
AMP has also realigned its underwriting teams to further enhance the support it provides its planners.
“As part of our commitment to make underwriting easier, we have recruited a number of regional underwriters and created dedicated underwriting teams for all planners,” Mr Paff said.
For more detailed information about all the enhancements please refer to http://www.amp.com.au/ampriskofferlaunch.
