Risk Product, Company and Regulatory Updates as of 16 June 2016

Product Updates

ANZ Heart Attack Definitions Update
ANZ has enhanced its heart attack definition in OneCare Trauma Cover by broadening it. The definition has shifted from two definitions (major and minor) to a single definition, 'heart attack (diagnosed)'. This will result in full benefit payouts. Extra clauses state that if test results are inconclusive, not undertaken, or tests are superseded due to technical advances, other appropriate or medically recognised tests that unequivocally diagnose myocardial infarction to the same or greater severity will be considered. 

AIA Offers Adapted Vitality Program to Advisers in Trial
AIA Australia is offering its Vitality program to advisers - the AIA Australia Executive Wellness program is a 12-week program running nationally until mid-August. Advisers will be coached on personal health and wellbeing, business health, and client wellness. Advisers participating will learn about client segmentation, development of client value propositions, and building a health and wellness framework into advice and service offerings. The focus of the program is on personal productivity, business strategy, and client engagement, plus healthy habits. 

Company Updates

Elders Adds Two New Practices to its Advice Group
Elders Financial Planning has signed two new advice practices to the Elders dealer group - Queensland's Legacy Planning and Victoria's Ellhan Financial Services. 

Zurich Merging General and Life Operations
Zurich is merging its general and life insurance operations into one leadership team in a bid to simplify operations. Zurich is working on a new consumer-centric management approach in its global businesses. 

Regulatory Updates

Allianz Pet Insurance Compensation Paid
Allianz Australia Insurance Limited has paid over $230,000 in compensation to 740 pet insurance policy holders (Petplan) after ASIC deemed its advertising to be misleading. The product was advertised as offering 100 per cent rebate on claims for vet bills, however the small print then immediately reneged on this promise for some policyholders. Read more about pet insurance in Australia