OnePath revamps legacy trauma definitions

The result is more than 600 trauma definition updates across 60 trauma products, with policies dating back to 1988 included in the review and some cover definition names also updated to provide customers with more certainty, OnePath said in a statement.

For some older policies that may have definitions with broader coverage, OnePath said it has retained the older, more favourable definitions.

OnePath said the motivation for the review was its desire to adhere to the FSC’s life insurance code of practice.

The review 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.

According to Zurich’s head of OnePath propositions and group life, Gerard Kerr, this project demonstrates the true spirit and drive of OnePath. 

“From the outset, we wanted to ensure our policy holders benefited from improving definitions where applicable,” Mr Kerr said.

“We want to provide our customers with high standards of service, a benchmark of consistency within the industry, and a framework for professional behaviour and responsibilities. This project delivers on all three.”

The new definitions are applicable for any new events from 1 December 2018.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].