Updates to trauma definitions keeps insurance valuable

June 2019

OnePath has reviewed more than 25,000 trauma policies to ensure the most up-to-date and optimal trauma definitions are being used.

The result is more than 600 definitional updates over 60 trauma products going as far back as 1988, and when contracts were issued under the Occidental brand.

The trauma definition updates and the updating of some cover definition names is also a step towards having consistent terms across trauma products regardless of distribution channels.

According to Zurich’s Head of OnePath Propositions and Group Life, Gerard Kerr, this review project which has taken more than a year, demonstrates the true spirit and drive of OnePath.

“From the outset, we wanted to ensure our policy holders benefited from improving definitions where applicable. At the same time, we recognised older policies may have definitions with broader coverage than present day. These policies continue to have their older more favourable definitions.”

The project commenced in 2018 and sourced information from OnePath’s Claims Technical team as well as the expertise of chief medical officers, re-insurers, and actuaries.

The motivation for the review was OnePath’s desire to take the customer centric mindset of the Life Insurance Code of Practice.

OnePath was keen to demonstrate to its customers its high standards of service, to provide an industry benchmark of consistency, as well as a framework for professional behaviour and responsibilities.

Kerr said: “OnePath’s 140-year history in insurance reflects a great track record of staying current and relevant to the needs of our customers and the advisers who service them. We continue to work to carry on this rich history.” The new definitions are applicable for any new events from 1 December 2018.

For more information or details on the changes, please call your Business Development Manager or Risk Adviser Services on 1800 222 066.