Risk Product Update

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Gallagher Re launches Automated Insurance Analytics

Gallagher Re, a global reinsurance broker, has launched Gallagher Automated Insurance Analytics (GAIA). The proprietary automated analytics platform is an integrated platform that may reduce the time taken to gain the same amount of insights using multiple tools by up to 80 per cent. The platform has capabilities in pre-modelling, modelling and post-modelling.

Zurich and OnePath changes

The Zurich and OnePath September 2021 release have undergone some changes, active from 27 September 2021.

Zurich Wealth Protection and Active PDS

  • Income Protector and Income Protector Plus are closed to new business

  • Income Safeguard has been introduced and complies with APRA’s Individual Disability Income Insurance (IDII) product measures

  • All new business has new pricing

  • Restrictions have been updated for multiple partial trauma claims for angioplasty (minimally invasive cardiac surgery) (Wealth Protection trauma cover, new and in-force via upgrade)

  • ‘ Duty to take reasonable care not to make a misrepresentation’ replaces ‘duty of disclosure’ in new policies in line with the Insurance Contracts Act

  • Target Market Determination (TMD) adjustments as part of the new Design and Distribution Obligations

  • General PDS updates

OnePath’s OneCare and OneCare Super

  • All current Income Secure cover is closed to new business

  • Income Secure Protection and Income Secure Protection Super Covers introduced for new business to comply with APRA’s Individual Disability Income Insurance (IDII) product measures

  • Business life, total and permanent disability (TPD) and trauma cover for stepped and level premiums repriced

  • Updated trauma definitions for new and existing business regarding lupus and angioplasty

  • Updates in line with the Insurance Contracts Act regarding duty of disclosure

  • TMD updates

  • General PDS updates

Wealth Protection and Active - Income Safeguard (replacing Income Protector and Protector Plus)

  • Base rates modified

  • Introduction of new occupation factors for self-employed (including contractors)

  • Waiting period factor for 1 and 2 years altered

  • Severity Booster added as a new option, only on 30-day waiting period, does not apply to super contributions benefit

  • Calculation of maximum monthly benefit has changed

 Wealth Protection - Protection Plus

  • New base rates apply to stepped premium death, TPD and trauma (up by 2.5 per cent)

  • Level premium death and trauma up by 20 per cent

  • Level premium TPD increased by 30 per cent

 OneCare and OneCare Super

  • Income Secure Protection and Income Secure Protection Super (replacing all existing Income Secure cover types)

  • Severity Booster added as a new option on 30-day waiting periods

  • Accident Option (day 14) kept as an option on 30-day waiting periods

  • New business pricing for stepped and level premium lump sum covers

  • New business has policy fee removed