Zurich has launched a new life protection platform giving clients more flexibility on policies and making it easier for the company to develop new products.
The company said its old platform was actually six systems working together which was less efficient and made it more expensive to innovate.
According to market management head Peter Hamilton the new platform, developed in partnership with TCP Lifesystems, already brings increased flexibility for clients with new ‘core’ and ‘select’ options for critical illness and income protection cover.
Core versions of the policy are more pared back and affordable and select versions are a higher level of cover which is more expensive. Hamilton points to the fact customers can switch between the two as they need.
He says: “The differentiator from what we see across the market place is that you can now switch between the two so if your circumstances change; if you find you can afford more you can switch to higher level of cover and vice versa.”
He says through the platform customers can change the terms of their plan, adding benefits or taking them away, something that has been difficult on old protection platforms.
Another new feature Hamilton highlights is the ability for advisers to pass the underwriting questions over to the customer to answer directly.
Zurich’s new children’s cover on critical illness means customers without children, or where dependents have grown-up, can avoid paying for cover they will never use.
In terms of flexibility for its own product innovation, Hamilton is confident the new platform will allow for increased and quicker product development in the future.