Risk Product and Company Updates as at 5 April 2016

Company News

MLC Reviewing Denied Disputed Claims
MLC is to review up to two years of claims that were under dispute, and subsequently denied, to prove that their processes are up to scratch. Claims back to 1 January 2014 will be reviewed, with a focus on critical illness claims. The move comes after CommInsure's heart attack definitions were found to be outdated, making their claim denials come under scrutiny. 

Product News

Padua Financial Group Launches Paraplanning System
Fintech company Padua Financial Group has launched an online paraplanning system to create Statements of Advice (SoA) for under $500. Roma Online is scalable, offering advisers either a standalone tool or an adjunct to financial planning software. 

ANZ Closes Group Insurance for Life and TPD via Super
ANZ is to close its group insurance offer for new Life and TPD cover available via OneAnswer and OptiMix superannuation offerings, but it will remain available on ANZ's OneCare Super. The changes take effect from 2 May 2016, and those with this cover in place already will not have their insurance affected.

CommInsure Updates Heart Attack and Rheumatoid Arthritis Definitions
Updated definitions for heart attack and rheumatoid arthritis apply to all claims occurring on or after 11 May 2014.