OneCare on Oasis Wrap Platform proving popular

June 15, 2011 - PRLog -- - Strong flow of applications since launch
- Investors are now more aware of the need for appropriate risk management within their portfolio
- OnePath is committed to simplifying the life insurance application process

Life insurance (http://www.onepath.com.au/personal/insurance/life-insurance.aspx) sales on the Oasis Wrap Platform have increased dramatically since the launch on 15 November 2010, reaffirming the strong demand from dealer groups for Oasis to integrate a competitive retail insurance offering onto the ‘badged’ superannuation wrap.

Commenting on this achievement, OnePath Head of Superannuation & Investment Platforms, Mark Pankhurst said: “This momentum is especially pleasing since we launched just prior to the Christmas holiday period".

Adviser feedback indicates that several factors have led to this increase:
- a changed investment environment post-GFC where investors are more aware of the need for appropriate risk management within their portfolio
- improved processes that enable a faster and more efficient online insurance application
- online case management so that advisers can monitor the progress of the client’s insurance application in real time
- OnePath investor education programs that promote the importance of risk management strategies.

“Life and income protection insurance is a critical component of an investment protection strategy, and the convenience of providing OneCare through superannuation on OnePath’s Oasis wrap platform enables advisers to provide appropriate risk products to their clients,” said Mr Pankhurst.

The Oasis platform offers advisers both retail and traditional group insurance options in super and provides their clients with a wide choice of insurance cover.

“Comprising Life, TPD, Income Secure and Extra Care cover, the flexible nature of OneCare allows advisers to deliver a tailored insurance solution – all under one policy,” said Mr Pankhurst.

“When clients apply for OneCare insurance through the wrap platform, the benefits include processing all new applications online which makes managing clients’ insurance cases faster and easier.

“This is a fully integrated insurance solution on the wrap. This means premiums are collected from members’ accounts and their premiums are tax deductible within their super fund,” said Mr Pankhurst.

Gerard Kerr, Head of Retail Products Marketing & Reinsurance for OnePath’s life insurance business, added: “It’s pleasing to see a big increase in our life insurance sales through Oasis. Advisers understand the need to include risk protection as a critical component of an investment portfolio.

“In today’s uncertain financial environment, the only guaranteed way to protect assets is through life insurance.”

Australians are chronically underinsured. OnePath is committed to developing applications and processes that not only simplify the life insurance application process, but encourage Australians to actively manage their life insurance needs.

Key features of OneCare on the wrap platform include:
- a single trustee to oversee both super investments and insurance cover
- comprehensive and award winning retail risk features available in super
- full range of commission options – upfront/stepped/hybrid and level
- market-leading income protection via Income Secure Cover
- size and packaging discounts
- use of OneCare Illustrator quoting software and OneCare Express online applications
- consolidated reporting via annual statements and online reports
- premiums can be deducted monthly, half-yearly and annually
- tax deductibility of premiums

# # #

OnePath http://www.onepath.com.au/ is the new name and brand for ING Australia, one of Australia’s leading superannuation, investment and insurance businesses.