Speaking at a financial adviser road show recently, Zurich life and investments chief executive Tim Bailey said both the Zurich and OnePath brands will remain active following the completion of the transaction.
Zurich is in the process of acquiring ANZ’s OnePath life insurance business, while IOOF is buying the bank’s pensions and investments division.
Both transactions are on track to complete by November 2018.
“We know that both the Zurich and OnePath propositions are very highly regarded in the market and are regularly acknowledged for their strength across claims service, product innovation and value for money,” Mr Bailey said.
Both brands will operate alongside each other in the Australian life insurance market, he said.
“Advisers are telling us they need more choice not less. The OneCare product range is well established and well regarded by customers and advisers alike, and we plan to invest further in that range, giving advisers more options to tailor cover to the specific needs of their clients,” Mr Bailey said.
“We have very strong enduring partnerships with ANZ and IOOF going back many years and this has helped us make excellent progress with a reasonably complex transaction.”
Ah, some sense at last on product differentiation. Now Zurich, your next, and most urgent, task, which you MUST choose to accept, is to overhaul the dreaded One Path admin system. Otherwise you have wasted your money !