The new Income Insurance products launching industry wide, as a result of APRA’s sustainability measures, have a big focus on clients being supported to return to work.

But where does this leave Advisers and clients? With the pending launch of our product information we wanted to outline how we support clients returning to work in a way that puts their needs and recovery – front and centre.

We’re in the business of paying claims.

No one wants to have to claim on their life insurance, but if you do, you want to know that your insurer is going to make the situation better and not worse. When we pay claims –we pay them as quickly as possible. Claims are our chance to demonstrate what we do best and leverage our expertise to support clients if the worst should happen.

A personalised, straightforward claims philosophy.

What clients need is a program that works for them, not a template. It’s why we pay Income Insurance benefits on any day of the month that suits clients, we can even pay fortnightly. It’s completely flexible.

We can also engage rehab providers even before an official claim is lodged so we can get the wheels in motion as quickly as possible – bureaucracy should never get in the way of positive health outcomes.

Making the connection – recovery and work.

If returning to work will be an option, then it’s important to have a strategy in place to keep clients connected to their workplace. With clients always in control, we work with Advisers, Brokers, employers, medical professionals, allied health providers and community groups to develop a mutually agreed plan. This will include elements such as:

• Identifying modified duties with a focus on what clients can do.
• Looking at ways for clients to stay in touch with their employer and people they work with – this might be by ensuring they continue to receive company communications to stay connected.
• Exploring training opportunities that are delivered in a flexible way.
• Creating a plan and program to help manage pain
• Using emerging and existing technology to support remote working, telepresence or modified access to workplace tools and applications.

The truth is, work fulfils an important aspect of our social and psychological needs and the longer you’re away from work, the harder it can be to get back. Additionally:

• Work helps you stay active and is an important part of your recovery.
• Staying active helps to reduce pain.
• Being at work is an opportunity to connect with people and be part of a community.
• Taking a long-time off work is worse for you socially, emotionally and physically.
• Research shows* that work promotes recovery and reduces the risk of long-term disability.

At Integrity, our focus is on enabling recovery that considers each client’s unique situation in a way that holistically considers their physical, mental, social and financial needs. And if recovery connected to work is suitable, then we have a unique way of delivering this, if not, then our focus is helping clients adjust to their new normal.

*Australian and New Zealand Consensus Statement on the health benefits of work – The Australasian Faculty of Occupational and Environmental Medicine (AFOEM), a Faculty of the Royal Australasian College of Physicians (RACP)

What is DDO? And why was it created?

DDO stands for Design and Distribution Obligations. From 5 October 2021, DDO has been introduced to Chapter 7 of the Corporations Act. The new obligations are intended to help consumers obtain appropriate financial products by requiring issuers and distributors to have a consumer-centric approach to the design and distribution of products.

Issuers of financial products (that’s us!) are required to ensure products are designed to meet the needs of consumers for whom the product is designed/intended for and distributors (that’s you!) will need to ensure they’re being recommended to consumers who are in the target market which has been defined / set out by the issuer.

What will change as a result of DDO? Introducing the Target Market Determination.

From 5 October 2021, all products we issue which are designed for retail clients will need to have a Target Market Determination prior to the product being distributed. The TMD outlines the key features of the product, the intended consumer for the product, how the product might meet the needs and objectives of a consumer in the target market, and an outline of how and when we will review the TMD.

There is also a requirement for all product issuers to collect data from distributors in order to monitor product distribution is being undertaken inline with the TMD.

What information does Integrity need to collect? New adviser responsibilities.

Good news, we already collect most of the information needed to regularly assess whether changes are required to the design of our products so we can better meet the needs of the target market. Our Distributors will need to provide us with information about:

• Any product related complaints; and

• Any other information we specify in the Target Market Determination. 

Distributors are also required to notify us of any significant dealings which are inconsistent with the Target Market Determination, within 10 business days. Integrity will be providing a final copy of TMDs to our Distributors by 1 September 2021

What about a product sold under general advice?

As part of the application process, Advisers will be asked to identify whether the product is being sold under personal or general advice. This information will assist us gain insight into consumer outcomes and whether the TMD remains appropriate on an ongoing basis.

For Distributors, their DDO obligations vary depending on whether they provide general or personal advice to their clients. We recommend you speak to your compliance team about your responsibilities here.

With COVID-19 changing the rulebook on mental health, we thought it was time to update your toolkit. Here are some valuable resources for you to support your people and yourself.

1. Coronavirus: Resources for Anxiety & Stress via the Blackdog Institute. Contains ways to manage stress while still practicing physical distancing. 
2. Ways to maintain positive mental health via Department of Health. A wide range of resources which includes how to support children and the elderly.
3. Mental health and wellbeing during the Coronavirus COVID-19 outbreak via Lifeline. This has a lot of great strategies for working remotely and how to stay connected as well as a list of places where you can get instant support.
4. How to manage and thrive during remote working via Dynamic Business. A guide for managers on how to support their people during COVID-19.
5. Working from home: A checklist to support your mental health during Coronavirus via Blackdog Institute. A handy checklist approach to having all the resources you need to survive and thrive.
6. Establishing Your Home Workspace via Entrepreneur Magazine. This is a guide to setting up a positive workspace at home. 
7. How to work from home when your kids are home, too via Atlassian. A great guide for parents who are working from home. Advice suitable for COVID-19 or just school holidays.
8. How we’re keeping fit while working from home via The Next Web. Some great ideas on how to keep fit while working from home that includes links, videos and ideas for how technology can support you.
9. 10 ways to take care of yourself via Reach Out. This is a great overall guide on activities and ideas that will keep you mentally and physically healthy.