Risk Product, Company and Regulatory Updates 5 September 2017

Product updates

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AIA Priority Protection expands availability
AIA Australia’s Priority Protection for Platform Investors (PPPI) life insurance product will now be available on Macquarie Wrap’s investment platform.

New insurance professionals CPD app
A new subscription based education app has been launched by CPD Anytime that allows insurance professionals to earn CPD points anywhere with their smartphones. Over 25 points will be available throughout the year and will be accredited by NIBA and ANZIIF.

AIA launches door-to-door insurance service
AIA Australia has launched Claims on Wheels, a free door-to-door insurance service aiming to support customers experiencing a health crisis. Clients will be given a personal claims consultant when they are in a crisis to assist them through the claims process. Claims on Wheels will be trialled across Victoria.

ANZ launches new trauma option
ANZ Wealth has launched a severity-based trauma option and income protection cover as new options with its OneCare product range. Severity Trauma has become the third main trauma insurance product option in the OneCare range. The tiered benefit structure aligns more closely with the financial impact of the event on the client.

Insured events are based on the OneCare Comprehensive offer, with the removal of minor events and the major events tiered according to severity. A three-tiered payment structure is available for insured events. The three benefit tiers pay 10 per cent, 50 per cent or 100 per cent of the insured benefit, which is subject to the severity of the event.

Company Updates

MLC to expand Best Doctors service
MLC Life has announced it will be expanding its Best Doctors service from 1 October to provide customers with medical advice or a second opinion from a network of medical specialists at no additional cost. Customers with MLC ProtectionFirst, MLC Life Cover Super, MLC Personal Protection Portfolio, MLC Insurance or MLC Insurance (Super) will have access to the service.

New Prime business division
Wealth and accounting firm Prime Financial Group have established a capital division to provide corporate transaction, capital raising, restructuring and advisory services. The division will be supported by the equity crowdfunding platform it recently acquired.

AFA announces counselling services
The AFA is rolling out a new counselling service called AFA Care to all its members in recognition that they may need help in times of stress. All members and staff will have access to the counselling service provided by Davidson Trahaire Corpsych from 1 October and will be available online, over the phone and through an app.

MS&AD buys Challenger stake
Japan-based MS&AD Insurance Group has acquired a 6.3 percent stake in Challenger through a $500 million equity placement.

Huddle uses technology to pay claims faster and tackle fraud
Insurance group Huddle has taken significant steps to tackle fraud and increase the speed with which claims are approved and paid. Huddle created their own technology to create a new proprietary platform that incorporated artificial intelligence machine learning that can assess claims information and automate insurance processes.

Regulatory Updates

APRA inquiry into CBA
The Australian Prudential Regulation Authority (APRA) has set up an independent prudential inquiry to investigate the Commonwealth Bank (CBA). The panel members have not yet been named. The inquiry will focus on governance, culture and accountability frameworks and practices with the CBA.