Welcome to our OnePath Change Navigator
We’ve created the ‘Hub’ as a one-stop knowledge and resource centre, to help our partners understand - and adapt to - the many significant changes coming to our life insurance offerings later this year and in 2022.
These changes are designed to improve the customer centricity and sustainability of our product range - this combination of regulator and insurer driven changes will see improvements in:
- the product solutions on sale
- the way you interact with clients, and
- your compliance and reporting obligations
Practical tools to support you through these changes
You will soon have access to a suite of practical tools and resources - as well as the support of your Business Development Manager - designed to help embed these changes into your business and advice processes easily and efficiently.
These resources will be launched in phases in the lead up to the changes and will include templates, fact sheets, FAQs and educational videos, along with a new suite of customer facing materials.
These resources will be accessible here as soon as they become available, so remember to bookmark this page!
Call 1800 222 066 with any questions or to speak to your Business Development Manager
Partnering towards a better, more sustainable future for life insurance advice
As an industry, we have faced into disruption, regulatory changes and sustainability challenges. However, the fundamental need for protection remains unchanged and the partnership between advisers and insurers in meeting this need is more important than ever before.
It’s a partnership which helps protect the livelihoods of millions of Australians - individuals, families, and small businesses. It’s a partnership which, in 2019, saw $9 billion paid out across 108,000 claims. It’s a partnership which supports customers and business owners at their time of need.
The industry is now on the cusp of significant change and a brighter future is in our collective control. On the horizon we will see new, sustainable Individual Disability Income Insurance products, the introduction of Design and Distribution Obligations and a more customer centric Duty of Disclosure.
This hub will help you and your teams deepen your understanding, know what’s changing and when, and help you navigate these changes.
Together, we will usher in a new era for life insurance, which is easier to understand from policy inception to claim. A life insurance which is easier to recommend, easier to retain, and which comes with fewer surprises. A life insurance valued by clients and on which they can rely.
We look forward to forging a new path and partnering with you to grow our industry and protect the lives of everyday Australians.
Chief Distribution Officer
Key dates, changes and benefits at a glance
27 September 2021
New Individual Disability Income Insurance (IDII) products launched
To reflect industry wide sustainability requirements.
1 October 2022
New 5-year contract term limit for new IDII policies
More certainty, stability, and sustainability
27 September 2021 for OnePath
Duty of Disclosure replaced with ‘Duty of Reasonable care not to make a misrepresentation’
Lowering the burden of disclosure on clients. Applies to all consumer insurances (life and general).
Improved client confidence at claim time
5 October 2021
New Design and Distribution Obligations (DDO)
Applies apply to product issuers and distributors. Designed to ensure financial products are more aligned to client needs, requirements include mandatory documenting of target clients (via a Target Market Determination, TMD) and new reporting and data collection requirements for distributors.
Benefits to clients become clearer
Late October 2021
Pricing adjustments start to be communicated to existing customers across all income protection, business expenses, trauma and TPD portfolios. We will contact you shortly with specific dates and information.
Fairer, more sustainable pricing