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Expanding our paramedical offering for a faster application process.

Expanding our paramedical offering for a faster application process.

by | Jan 24, 2021 | Integrity101, News

Expanding our paramedical offering for a faster application process.

We’re pleased to announce that we have added three new paramedical providers to our panel.

This expansion gives you even greater choice in providers, while speeding up the process, and improving the end-to-end experience of your clients who require further health screening tests for us to assess their application. Plus, once you let us know your preferred provider from our panel, we’ll take care of the rest.   

We spoke to our GM of Operations, Bridget Ramunno, about this significant change.

What has brought about this change?

Bridget Ramunno: The application process is a really critical time for Advisers to secure clients for life, so we’re always looking for ways we can improve that experience.

One area we identified for improvement was the process of organising health screening tests which are sometimes required at application. By adding additional providers with complimentary capabilities, we are able to speed up the application process, reduce the advisers’ effort to get applications inforce, as well as improving the health screening experience for their clients.

Who do we have on board?

BR: In addition to Unified Health Care Group (UHG), Integrity welcomes Health Predictions, Prestige Paramedical, and EQ Pathology to provide both medical retrieval and health screening services.

Why is this good news for Advisers?

BR: We have partnered with some of the best providers in the country to give our Advisers even more choice.

The process is designed to take the heavy lifting off Advisers. So we’ll do everything from securely transferring all the relevant information to the providers, and then ensuring Advisers are kept in the loop at every stage. This transparency allows them to keep their clients informed, stay on the front-foot, and in turn, create a better application experience.

Early results show that on average health screening requests are completed end-to-end in just 4.5 days and medical report retrieval services average around 6 days. But we’re anticipating reducing this even further.

What do Advisers need to do to set this up?

BR: Just get in touch with your BDM or our Customer Care team and let us know which provider you wish to use. Then, if tests are required and you want us to organise, we’ll take care of the rest.

Bridget Ramunno

Bridget Ramunno

General Manager, Operations.

Rethinking the experience of life insurance.

Rethinking the experience of life insurance.

by | Nov 29, 2020 | Integrity101, Savvy

Rethinking the experience of life insurance.

“What’s right for customers”, “ethics”, “diversity and inclusion” and “leadership”. These are great values! They were the values that adorned the walls in Wells Fargo offices across the USA while they perpetrated one of the worst financial scams in the history of the country. In a similar vein, some of the worst offenders in our own Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry had similar values hanging on the wall, boasted on their websites, and sold to their customers. What this tells us is values aren’t enough. Values only matter if they’re reinforcing the culture of an organisation. While values can be printed on posters, memorised, repeated – they’re not lived and experienced until they’re part of ‘culture’.

Why is this important? Because the culture of an organisation ultimately dictates the customer experience as well as what decisions an organisation will make, what is acceptable, what is not. It’s much more powerful, but it’s also much more work to get right – but worth the investment.

Take New York based insurer, Haven Life. Not only are they one of the fastest growing insurers in the United States, they have an NPS (Net Promoter Score) of 74 – which is 30 points above industry average*. How do they do it?

  1. They believe that life insurance can be something you can feel good about and celebrate, and their mission is to make life ‘less hard’. This belief is shared by all employees and so infuses in every email they write and every phone conversation they have. The impact is positive conversations about the product and a helpful attitude with a focus on simplicity.
  2. Handwritten welcome cards are sent to every new customer from the staff. It might seem like a small thing, but they have become famous for it. It also has the impact on culture of clearly demonstrating that customers are important. Just saying “we value customers” doesn’t make it part of culture – this small act does.
  3. Their annual report, the most important statement about ‘success’ that a company produces, is mostly focused on customer stories and how they have achieved success for their clients. You can check out their Annual Report here.

At Integrity, we also want to be famous for our culture and passion for customers and we are championing initiatives that put clear focus on achievement through people and supporting customers when they need it most.

  • We have a brand new initiative called ‘Application Concierge’ which is designed to support Advisers and clients in getting on-risk as quickly and simply as possible, because we know it can be a stressful time.
  • We built a re-charge room to ensure our people always have the energy and enthusiasm do the best for clients.
  • Our staff send handwritten ‘recognition cards’ to each other each week and they’re read out in front of the whole company. We do this to encourage people to always go above and beyond (and to support each other).

These are just a few examples, and we have a long way to go, but the important thing is to be committed to real action and real change… not just words.

*https://customerthink.com/rethinking-the-experience-of-life-insurance-interview-with-adam-weinberg-of-haven-life/

 

Bridget Ramunno

Bridget Ramunno

General Manager, Operations.

What are the long-term impacts of COVID-19 on life insurance?

What are the long-term impacts of COVID-19 on life insurance?

by | Nov 22, 2020 | Advisers, Integrity101

What are the long-term impacts of COVID-19 on life insurance?

When we have so much to deal with in the ‘now’, like regulatory change (and uncertainty), technological transformation, and supporting client needs today, it’s easy to lose sight of what’s on the horizon. But what makes us good at our jobs (Adviser and Underwriter alike) is the ability to see the writing on the wall and ensure we take steps now to plan for what’s to come. Here are some key areas to watch that are likely to have broad impacts for Advisers, insurers, and clients.

 

More Australians may become critically ill over the next two years.

Data from the Medicare Benefits Schedule (MBS), analysed by the Heart Foundation, reveals a 10% drop in GP visits for the management of chronic disease in March 2020, equating to 96,000 fewer visits compared to the same time last year*. In fact, across the board fewer of us have been visiting the doctor to get check-ups – between 30% to 50% , with a 40% drop in pathology^.

What does this mean? Well we know the rates at which Australian’s develop chronic diseases, we’re just seeing the delay of those being discovered and treated. From a client point of view, not discovering these things sooner may make them harder to treat, and from an industry point of view, the increase in severity means bigger payments and potential cases for increasing the cost of premiums.

 

Mental health impacts are still largely unknown.

We do not yet know the impacts that long term isolation or living through a pandemic will have on people, but we do know enough about psychology and claims data to know that we are likely to see an increase in mental health issues. Acknowledging this very issue, the Federal Government pumped an additional $500 million into suicide prevention and mental health support as part of their COVID-19 response.

That said, it’s not only mental health issues and resulting claims caused directly by the pandemic, but as we have seen, people’s ability to access social support (emotional and practical) through extended family and other social interactions has been significantly affected by restrictions on movement and travel. This means for people who were already managing mental health concerns, their access to support has been limited. What we may see is not only relapse but mental health conditions on top of other long-term illness or injury.

 

Increased cost of Income Insurance.

While not a direct result of COVID-19 and more to do with the unsustainability of the products, the increased cost of II or IP (income protection) is likely going to compound the two other issues. Not the least of which because so many insurers cross-subsidise their products. Integrity, of course, does not.

 

So what does this mean for Advisers and clients?

It probably wouldn’t surprise anyone if prices for new protection policies started to rise, which means getting cover in place now may not be the worst idea. Whether we see price increases – and how big these may be – will largely depend on market forces, but either way, insurers are expecting a significant rise in claims – which often leads to higher prices.

Advisers have another important role to play here too and that is keeping their clients covered, even as financial pressure continues for many clients. Integrity, like many insurers, has options like premium waivers for financial hardship and ‘premium breaks’. These should always be the first resort before cancelling and removing cover altogether.

*http://www.mbsonline.gov.au/internet/mbsonline/publishing.nsf/Content/downloads

^https://www.dailytelegraph.com.au/coronavirus/the-illnesses-being-missed-thanks-to-covid19-and-skipping-doctor-visits/news-story/1226638711cf48ae8dd0d39bdb088e86

 

This information has been prepared without considering your personal objectives, financial situation or needs. Before acting on it, please consider its appropriateness to your circumstances.

Scott Hodgson

Scott Hodgson

Chief Underwriter

Life insurance key considerations. Getting the best deal and avoiding pitfalls.

Life insurance key considerations. Getting the best deal and avoiding pitfalls.

by | Nov 15, 2020 | Life

Life insurance key considerations. Getting the best deal and avoiding pitfalls.

We spend a lot of time creating information for customers on how best to approach the purchase of Life Insurance. We understand it can be a complicated purchase so, here is a handy guide on key considerations for first time buyers.

Believing life insurance is too expensive.  

One of the most common objections we hear from those who do not have life insurance is around the cost. Many people believe that it is out of reach for most Australians. The truth is, according to Canstar, consumers overestimate the cost of life insurance by almost double*.

Life insurance isn’t, generally, any more expensive than health insurance or car insurance. The big difference is that we are talking about your life and the livelihood of those who depend on you. Based on that, it is worth looking into (at the very least).

Buying too little coverage.

The more life insurance coverage you buy, the more you will pay. That does not mean you should skimp on coverage, though, just to save money. The last major study of this by Rice Warner in 2015 estimated that Australians are underinsured by $471 billion for basic life cover and $3,435 billion for income protection. That is a staggering amount, and the industry continues to grapple with how to address this.

Relying too much on employer-provided coverage.

If you have a group life insurance policy through work, don’t assume that the coverage you have is adequate. Generally, these types of policies are based on broad assumptions rather than individually costed needs. Plus, group life insurance policies typically aren’t portable. That means that you can’t keep your coverage if you leave your job. With the large number of layoffs related to the coronavirus pandemic, people with life insurance policies through work have lost their coverage, that’s why it’s important to either have your own policy or have additional coverage which tops up the gap.

Keeping Information from the insurance company.

When you apply for life insurance, you’ll be asked a variety of questions about your health, your family’s medical history, your occupation and even your hobbies. This is part of the process called underwriting that insurers use to decide whether to give you coverage and what rate to charge you. It’s important to answer all of the questions honestly. Insurers may verify the information you provide by asking for your permission to get your medical records from your doctor and your prescription drug history, and using other third party sources and possibly requiring you to take a medical exam. An insurer might deny you coverage if it discovers you’ve withheld information on an application. If you do successfully hide something (which can be hard to do), the insurer might not pay a claim if your death is related to the information you didn’t disclose.

Not understanding what you’re buying.

Understanding the types of life insurance is not a simple task. For starters ‘life insurance’ isn’t just cover if you die. It can also cover things like permanent disability, trauma or accidents, or your income if you’re unable to work. There are many types of life insurance and the only way to really know what you’re covered for is to read the documentation or speak to your Financial Adviser.

Not understanding the products also robs you of one of the enduring benefits of life insurance (outside making a claim) which is comfort. If you never have to make a claim you have the comfort of knowing in a near-miss how you or your dependents would be taken care of. COVID-19 has shown many people what it feels like to be unprepared and that feeling can be awful. Life Insurance can give you peace of mind in uncertainty.

Believing you can’t be covered if you have ever been sick (or will have to pay a lot). 

Whether you have pre-existing conditions or have had an illness or injury in the past, does not automatically disqualify you from Life Insurance, nor does it mean you will have an exclusion. Take Mental Illness as an example, if you have had minimal time off for a mental health situation, and it was a while ago, but have since returned to work, we would generally consider that part of ‘life’ and standard rates would likely apply.

Putting Off the Purchase of Life Insurance.

One of the biggest mistakes when it comes to buying life insurance is waiting to buy a policy. Budgets and time can easily push off a life insurance purchase. And don’t wait with the hope that you’ll improve your health, such as losing weight, because every year you get older, and waiting increases the chance that you could develop other health issues.

The younger you are when you buy life insurance, the more affordable it will be. That’s because your age as well as your health affect the rate you pay.

 

As the saying goes, life insurance is like a parachute, if you don’t have it the first time you need it, you don’t get a second chance.

 

 

Please note. This information has been prepared without considering your personal objectives, financial situation or needs. Before acting on it, please consider its appropriateness to your circumstances.

*Canstar.com.au/life-insurance/can-you-afford-life-insurance-or-overestimating.

 

Scott Hodgson

Scott Hodgson

Chief Underwriter

Introducing ‘Application Concierge’. A new service to support smooth on-boarding

Introducing ‘Application Concierge’. A new service to support smooth on-boarding

by | Nov 4, 2020 | Integrity101, News

Introducing ‘Application Concierge’. A new service to support smooth on-boarding

One of the most challenging aspects of getting clients on risk is the application process. It’s often made challenging by some of the hoops insurers will make you jump through, or by a lack of engagement from the client, or just because it’s a complicated case. We wanted to find a way to make this process as easy as possible for both Adviser and client alike.

 

How did we approach the challenge?

Like most things at Integrity, we started with asking the Advisers we work with, how they wanted us to solve the problem. A number of key aspects emerged in this work.

  1. Speed – get it done, and get it done as quickly as possible. It’s hard to keep clients engaged in the process so the quicker the better. It’s also ‘2020’ and this stuff shouldn’t take weeks.
  2. Communication – keep me informed and always in the loop. The client is putting their trust in the Adviser and the way to maintain that trust is to ensure the Adviser is always informed and up to date. Communication should be proactive, Advisers shouldn’t have to chase it up.

Our solution? Application Concierge.

Over the last couple of months we have been ramping up support staff numbers and improving processes to be able to deliver, what we believe, is an application process that delivers on what Advisers have told us they want and what clients expect to get.

Our new Application Concierge process is speeding things up! 93% of new applications received are decisioned within 24 hours with more than 15% completed instantly! 83% underwriting decisioning within 2 days from receipt of further evidence (61% within 24 hours). As at Sept 2020.

Application Concierge is enabling better communication. With increased numbers in our application support team they’re on stand-by should any application require manual input or there is any need to proactively reach out to Advisers, plus every application has a dedicated underwriter to ensure consistency and one port of call.

 

How can I get it?

It’s now in place for all new applications. So whether you’re signing up someone new, or moving a client to Integrity – you’ll have the comfort of knowing we’ve got your back. 

Bridget Ramunno

Bridget Ramunno

General Manager, Operations.