Chris Powell
Australia’s newest life insurance company, Integrity Life, has announced nine enhancements to its products as part of its latest technology release. The product and technology enhancements are available with immediate effect, bringing benefits to both advisers and their clients.
Integrity Life MD, Chris Powell, commented, “When we launched to the retail market a few weeks ago we talked about our ability to be nimble, and the continual process of enhancing and improving the products and services we offer advisers and their clients. Being unconstrained by legacy systems and making full use of the best technology available means our focus can be on continual improvement. We are delighted to be already demonstrating our commitment to providing innovative tailored insurance solutions that are in line with the needs of advisers and their clients.”
Product and technology enhancements:
- Clients now have the choice of ownership types, including within super, allowing them to split and combine covers across Personal, Business, SMSF and Super and to take advantage of the 15% rebate on premiums.
- Clients can also select a two-year waiting period for income insurance which has the effect of reducing their premium.
- A new Critical Illness Relapse option providing extra peace of mind when purchasing Critical Illness policies, allowing the cover to be reset after 12 months with the potential for additional benefits on the reset cover.
- To reward healthier lives, Integrity has introduced Life+ to offer reduced pricing for the life of the policy, of the where the life insured has a BMI of between 18 and 25, has never smoked and has no conditions which may result in a loading. Integrity believes this will apply to 30% of new applications.
- Integrity will now waive the premium for its Care Support Package when three covers are selected for the life insured and minimum sums insured are met.
- New portal and system enhancements will allow ownership to align with their advised strategy.
- Advisers will be able to nominate another adviser to split their commission with, if for example, they partnered together or received a joint referral.
Integrity launched to the retail adviser market in early March 2019 after an intense co-creation process where the company worked with advisers to address the common frustrations in dealing with existing insurers.
In conclusion, Mr Powell reiterated Integrity’s commitment to its customers.
“Integrity’s business DNA involves always focusing on our customers and ensuring we provide them with the best possible experience in every situation. This means that we constantly innovate on our products, systems and services and we will release upgrades to these on a regular basis in order to ensure we stay ahead of the pack. This involves listening to our customers, learning from them and then acting upon what we have learnt – and repeating the process.
“Integrity means doing the right thing, even when no one is watching. It also means acting in the best interest of consumers and always looking for ways to serve our customers better. We are working with financial advisers to provide all Australians with life insurance that helps them when they need it most and all our changes are made with this goal in sight,” said Mr Powell.