Insurance

Non-pharmac focus part of Accuro’s adviser push

Friday 22nd of June 2012

 

“What we find is not many people are aware of the brand, the end users, so we’re trying to get a little bit more brand awareness out there at the moment,” said sales and marketing general manager Kelleigh Aston.

She said SmartCare+ has been welcomed by advisers since its launch in November and Accuro wanted to market its enhancements to a wider adviser audience.

“People get so much information from all of the providers, you need to remind people you have these things,” she said.

Aston said one of the key elements to the enhanced SmartCare+ cover was the addition of a non-pharmac subsidised drug benefit, something she said was included in response to market changes after OnePath and Partners Life launched non-pharmac benefits, and more importantly, from adviser feedback.

“A lot of the enhancements that we make to products are from feedback from advisers. They’re our main source of information, they are the ones in touch with clients so you get a pool effect,” she said.

“If you get lots of people saying the same things we know something needs to change.”

Aston said there was a “very loud yell” from the advice sector about non-pharmac cover, and this was one of the key additions they wanted to push to advisers to get clients to upgrade from SmartCare.

Comments (9)
Simon Rule
An excellent observation Phil. You clearly have your head switched on. All well and good for Accuro to offer this added benefit to policy holders now but as you say nothing to stop them removing it in the future when it becomes unaffordable. I’ll stick to a health insurer who offers non Pharmac drug cover AND guaranteed wordings i.e. Partners Life.
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12 years ago

Michael Lay
It's a great addition and at a great price. Accuro claims experience is second to none. It's an A+ all the way for me!
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12 years ago

Ron Flood
Advisers seem to be unaware of the downside of guaranteed policy wordings. As procedures and drugs become more expensive, companies who are unable to change policy wordings and restrict or remove benefits will have to increase the cost of cover. This will lead to healthy clients changing providers in order to save money. This exodus of healthy clients will place further pressure on premiums and they will inevitably spiral upwards and eventually the companies will be forced to close these pools and start new ones to attract new clients and preserve market share. You would think by now that the lessons of the past would stop companies entering the marketplace with guaranteed policy wordings. Obviously it hasn't. Disclaimer: These views are personal and not to be viewed as those of any of the Professional Bodies or Associations I am a member of.
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12 years ago

Simon Rule
I'm well aware of that fact GetReal. Whether non-Pharmac cover remains afforadable for the insurers in the future is irrelevant if the insurer does currently offer it today AND has guaranteed wordings.
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12 years ago

Simen Hestnæs
Interesting speculation re: pricing on non-pharmac drugs considering the option has been around for well over a decade and has let to lead to the catastrophic price increases certain sectors have been claiming it will for well over a decade.
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12 years ago

Steve Wright
The proverbial will hit the fan when the client's very expensive chemo treatment is not covered notwithstanding their payment of medical insurance premiums. BTW Mr Flood, I assume you do not sell Asteron's Trauma cover - great new heart attack definition and guaranteed wording. In fact seems to me there is not much you can sell that isn't guaranteed aside from a few medical insurance products.
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12 years ago

Ron Flood
Raoul, my comment was made to highlight something that is sometimes forgotten when we look at guaranteed policy wordings. It was not a statement on the rights or wrongs, just something that needs to be considered when giving advice. Disclaimer: These views are personal and not to be viewed as those of any of the Professional Bodies or Associations I am a member of.
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12 years ago

Simon Rule
Mr Flood - I'm sorry but you've dug yourself a hole with your earlier comments around insurers offering guaranteed wordings and clearly I’m not the only adviser who has taken issue with what you’ve said. Why on earth would an adviser view an insurer with guaranteed policy wordings in a negative light vs. an insurer who retrospectively can change a client’s policy to take away benefits from them? Yes, we can all appreciate that guaranteed wordings involves a cost to the insurer/s offering it (and ultimately their policy holders in time) but the pros far outweigh the cons of increased premiums if the escalating cost of health care in NZ are anything to go by! Just as well you do have that disclaimer added.
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12 years ago

Ron Flood
Amused, my concerns are with Health Insurance policies, as the medical inflation rate is between 9% and 11% per year (Tower CEO, Fairfax NZ 16/04/12). With rates this high, procedures will double in cost approx every 6.5 - 8 yrs. It must therefore result in premiums doubling at the same rate. Clients who are well and have few, if any, ongoing medical issues will revert to the public system,or lower cost options, leaving the unhealthy clients behind. This will result in premiums becoming out of reach of most elderly clients. Disclaimer: These views are personal and not to be viewed as those of any of the Professional Bodies or Associations I am a member of.
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12 years ago

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