The wait for Tower's new insurance products is over
Tower has started the long awaited launch of its new individual and business risk product range – Life 360 and Business 360 – which it expects to put it back into the top part of the insurance market.
Wednesday, October 20th 2004, 6:47AM
Tower general manager of sales and distribution Jeff Page says that company was well aware that significant improvements could be made in its risk product range and product support.
“We are confident that Life 360 and Business 360 will bring Tower back into the top market quartile,” he says.
He says the products were developed from adviser and customer feedback, which showed clients wanted a comprehensive yet flexible range of products with a capability of being mixed and matched as needs, life stage or business circumstances change.
“We’ve worked closely with advisers on the development of this product range and we intend to continue this commitment to advisers and their customers through the support we provide.
“Our products are designed specifically to provide what advisers and customers have told us they wanted,” Page says.
“Life 360 and Business 360 have more built-in benefits and covers, we’ve implemented a superior operating system, improved our quoting software, developed useful support tools and removed administrative frustrations – all things advisers told us they wanted to see.”
Administrative enhancements include ownership now sitting at cover level, with one contact person for up to 10 lives insured on one policy; no policy, administration or frequency loading fees; new loyalty commissions, seven Pendulum options, five variable discount options and the option of split commission.
The range includes some entirely new covers. Key person cover (Business 360) pays a monthly benefit to a business for up to one year upon losing a key member of staff to illness or injury, while they remain totally disabled. Children’s Future Insurability Cover (Life 360) provides an option for a child to purchase life cover in the future without full underwriting.
Additionally, business expenses and permanent disability are now stand alone covers.
The new product range also includes a number of new built in benefits and options.
Four new trauma conditions have been added bringing the total covered to 37. Twelve trauma definitions have also been improved.
"Our launches in Dunedin and Christchurch have been met with very positive feedback from advisers so far, demonstrating that we have delivered on what advisers told us they wanted,” Page says.
“Our new risk products, coupled with Tower's best practice initiatives and tablet technology are really giving advisers a market advantage, Page says.
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