One Path

OnePath - Key Information

• Insurer Name: OnePath Life (part of Zurich Financial Services Australia)
• Year Established: Over 140 years of insurance heritage (under various names)
• Distribution Channel: Financial advisers and group insurance
• Types of Cover Offered:
  • Life Cover
  • Total and Permanent Disability (TPD)
  • Trauma/Critical Illness Cover
  • Income Protection
• Premium Structures: Stepped and Level (level premiums discontinued for new policies post-2024)
• Underwriter: Zurich Australia Limited
• Application Process: Adviser-led, often includes detailed medical and financial underwriting
• Support Services: Access to Zurich LiveWell, early intervention programs, and recovery support
• Financial Strength Rating: Strong (Zurich Group: AA- S&P rating, as of last available data)
• Headquarters: Sydney, Australia

OnePath Life Insurance – History and Milestones

OnePath's journey in the Australian financial services industry is rooted in the legacies of several prominent entities, culminating in its current position under Zurich Financial Services Australia.

• Pre-2000s: The Foundation Years - Mercantile Mutual and ING Australia: OnePath's origins can be traced back to Mercantile Mutual, a long-established Australian insurance company with a history dating back to the late 19th century. In the late 1990s, Mercantile Mutual merged with the Australian arm of the Dutch financial services group ING, forming ING Australia. This period laid the groundwork for a significant player in the Australian wealth management and insurance sectors.
  
• 2000s: Rebranding and Growth under ANZ Wealth: In the early 2000s, ING Australia underwent a significant rebranding of its wealth management and insurance businesses under the unified name OnePath, becoming a key component of ANZ Wealth. This era saw OnePath solidify its presence in the Australian life insurance market, offering a range of products distributed primarily through financial advisers.
  
• 2010s: Establishing Itself as a Top Insurance Brand: Throughout the 2010s, OnePath consistently ranked among Australia's leading life insurance brands under the ANZ umbrella. The company focused on building strong relationships with financial advisers, enhancing its product offerings, and providing reliable service to its growing customer base. This period saw OnePath become recognized for its comprehensive cover options and commitment to the adviser channel.
  
• 2020: Acquisition by Zurich Financial Services Australia: A significant milestone occurred in 2020 when Zurich Financial Services Australia (ZFSA) completed the acquisition of OnePath Life Insurance from ANZ. This acquisition marked a new chapter for OnePath, bringing together its established market presence and adviser network with Zurich's global strength and expertise.
  
• 2021-Present (Continuing Integration and Innovation): Following the acquisition, the focus has been on a smooth and strategic integration of OnePath into the Zurich ecosystem. This includes leveraging Zurich's global resources to enhance OnePath's capabilities. By 2024, the transition to full Zurich integration continued to be a key priority, with a particular emphasis on the development and implementation of enhanced digital tools for advisers and customers, as well as innovations in the claims management process to improve efficiency and the overall customer experience. This ongoing integration aims to create a stronger, more digitally enabled life insurance offering for the Australian market.

OnePath Life Insurance - Key Strengths

• Extensive Adviser Network and Adviser-First Distribution Model: OnePath's primary distribution strategy revolves around a strong and well-established network of financial advisers. This "adviser-first" approach ensures that customers receive personalized advice tailored to their individual needs and circumstances. By prioritizing the adviser channel, OnePath empowers clients to make informed decisions with the guidance of qualified professionals, leading to more suitable and comprehensive coverage.
  
• Comprehensive Product Suite Covering Major Life Risks: OnePath offers a broad and robust range of life insurance products designed to address the major financial risks individuals and families may face. This includes Life Cover (Death Cover), Total and Permanent Disability (TPD) insurance, Critical Illness (Trauma) insurance, and Income Protection. This comprehensive suite allows advisers to create holistic protection plans for their clients, covering a wide spectrum of potential life events.
  
• Access to Award-Winning Health and Wellbeing Services via Zurich: As part of the Zurich Financial Services Australia group, OnePath customers and advisers benefit from access to Zurich's acclaimed health and wellbeing services, such as the "LiveWell" program. These value-added services often include resources and support aimed at promoting physical and mental wellbeing, offering a holistic approach to customer care that extends beyond traditional insurance coverage.
  
• Claims Transparency and Strong Track Record of Payouts: OnePath has built a strong reputation for transparency throughout the claims process. They are committed to ensuring that policyholders and their beneficiaries understand each step involved in making a claim. Furthermore, their track record demonstrates a commitment to paying valid claims efficiently and fairly, providing reassurance and financial security when it's most needed.
  
• Underpinned by the Global Financial Strength of Zurich Group: Being part of the Zurich Insurance Group, a globally recognized and financially robust institution, provides OnePath with significant financial strength and stability. This global backing offers policyholders peace of mind, knowing that OnePath has the resources and security to meet its long-term financial obligations and claims payouts.
  
• Advanced Tools and Technology for Streamlined Adviser-Client Onboarding: OnePath invests in and provides financial advisers with cutting-edge technological tools and platforms designed to streamline the client onboarding process. This includes digital solutions for application submission, policy management, and client communication, making it easier and more efficient for advisers to serve their clients and enhance the overall experience.

OnePath – Awards and Recognitions

OnePath Life Insurance has consistently been recognized within the Australian financial services industry for its commitment to advisers, quality products, and customer service. Notable awards and recognitions include:

• Adviser Satisfaction and Claims Service: OnePath has a strong reputation for its support of financial advisers and the efficiency and transparency of its claims handling processes. This has likely been acknowledged through various industry surveys and adviser polls over the years.
  
• Money Management/DEXX&R Adviser Choice Risk Awards: OnePath has achieved significant recognition in these prestigious awards. For example, in 2023, OnePath was crowned the overall Risk Company of the Year and won two specific product categories:
  • Individual Outside Super Products – Term and TPD: for their OneCare Life Cover & TPD Rider product.
  • Individual Inside Super Products – Term and TPD Rider: for their OneCare Life & TPD product.
  • Notably, OnePath also won the Risk Company of the Year award multiple times in previous years, including 2022, 2013, 2012, 2011, 2010, and 2008, highlighting consistent excellence in their risk offerings.
    
• AFA (Association of Financial Advisers) Life Company of the Year Awards: While often a finalist, OnePath has also won specific categories within the AFA awards. For instance, in 2012, they were recognized as the Claims Team of the Year. They were also a nominee for the overall Life Company of the Year in 2019.
  
• Plan For Life Awards: OnePath has received awards from Plan For Life, often in conjunction with the AFA, for product innovation and claims service, such as the 2012 Trauma/Critical Illness Product Award.
  
• Money Magazine "Best of the Best" Awards: While specific years aren't always detailed, OnePath's products have been recognized by Money magazine for their value and features.
  
• Consistent High Rankings in Group Insurance Satisfaction Surveys: OnePath's group insurance offerings have also been well-regarded, consistently achieving high satisfaction ratings from superannuation funds and their members.
  
• Canstar Awards: Zurich, the parent company of OnePath, has also received Canstar awards for life insurance, including a 5-star Outstanding Value award in previous years. This reflects the broader strength of the group's life insurance offerings. OnePath's "Pre-Assessment Wizard" also won a Canstar Innovation Excellence Award in 2018.
  
• BigInsights Data & AI Innovation Awards: OnePath's innovative use of technology in underwriting, particularly their "Pre-Assessment Wizard," won awards for Best Industry Application of Artificial Intelligence and Best Industry Application of Data Analytics in 2018.

These awards and recognitions underscore OnePath's long-standing commitment to providing quality life insurance products, strong support for financial advisers, and excellent service to their customers. The consistent wins across various categories and years demonstrate their sustained performance in the Australian market.

OnePath - Cover Amount Ranges

The cover amounts available with OnePath Life Insurance vary depending on the specific type of cover:

• Life Cover: From $50,000 up to a maximum amount based on individual circumstances. There is no fixed maximum, and OnePath will determine the limit based on their assessment during the application process.
  
• Total and Permanent Disability (TPD) Cover: Cover ranges from $50,000 up to a maximum of $5 million, depending on the TPD definition chosen (Own Occupation, Any Occupation, Home-maker, Non-working, Business TPD). The maximum for Home-maker TPD is generally $2 million.
  
• Trauma Cover: Cover amounts typically range from $50,000 up to a maximum of $2 million.
  
• Income Protection: Provides a monthly benefit of up to 70% of your pre-tax income, with maximum monthly amounts generally around $30,000. The minimum monthly benefit is often $1,000.

NOTE” It's important to note that these are general ranges, and the specific cover amount available to an individual will be subject to OnePath's underwriting guidelines and their assessment of the applicant's financial situation, health, and other relevant factors. Consulting with a financial advisor can help determine the appropriate level of cover for individual needs.

OnePath - Sustainability and Corporate Responsibility Overview

As part of the Zurich Financial Services Australia group, OnePath is committed to operating as a responsible and sustainable business. This commitment is driven by Zurich's global framework, which focuses on creating positive long-term outcomes for the planet, its customers, and its people. Key initiatives include:

• Environmental Responsibility: Zurich, and by extension OnePath, is committed to reducing its environmental footprint. This includes targets for reducing absolute emissions from their operations (including electricity, waste, paper, and travel) and increasing the use of renewable electricity. They also aim to significantly reduce CO2 emissions from printed paper by encouraging digital customer communications.
  
• Climate Change Mitigation: Zurich has a global commitment to achieving net-zero emissions by 2050 across its insurance business, investments, and operations. This ambition influences OnePath's approach to its own operations and potentially its investment strategies. Zurich also engages with investee companies to manage sustainability risks and promote best practices.
  
• Responsible Investment: Zurich, and therefore likely OnePath's investment arms, integrates Environmental, Social, and Governance (ESG) principles into their investment processes. This includes considering ESG risks and opportunities in investment decisions and engaging with companies on sustainability matters. There is a stated commitment to reducing the carbon intensity of their investment portfolio.
  
• Social Impact and Community Engagement: Through the Z Zurich Foundation, Zurich globally supports initiatives focused on climate change, mental wellbeing, social equity, and crisis response. These philanthropic efforts extend to Australia and New Zealand, with investments in community programs and disaster relief efforts, which OnePath employees and the broader community can be involved in.
  
• Ethical Business Practices: OnePath, under Zurich's guidance, adheres to high ethical standards in its business operations, including sales and retention practices. They are committed to providing extra support to vulnerable customers and ensuring fair outcomes.
  
• Customer Wellbeing: Initiatives like Zurich's "LiveWell" program, accessible to OnePath customers, demonstrate a focus on promoting healthy and sustainable lifestyles, extending the insurer's role beyond purely financial protection.
  
• Digital Transformation for Sustainability: Encouraging customers to switch to digital communications for policy documents helps reduce paper consumption and contributes to environmental sustainability.

While specific sustainability reports might be under the Zurich Financial Services Australia or Zurich Insurance Group banner, these overarching principles and initiatives guide OnePath's approach to corporate responsibility. Customers and stakeholders can look to Zurich's public commitments and reports for a broader understanding of OnePath's sustainability ethos.

OnePath - Technology & Innovation

OnePath Life Insurance is actively leveraging technology and innovation to streamline processes for financial advisers and enhance the overall customer experience. Key initiatives include:

• OnePath Illustrator: This is OnePath's integrated quote and application software designed to save advisers time and help clients get cover faster. It's accessible online and offline, with automatic syncing between versions.
  
• OneCare Express: An award-winning pre-assessment tool fully integrated with Illustrator. It provides indicative assessments on loadings and exclusions in under five minutes using everyday language, helping manage client expectations upfront. This tool won a Canstar Innovation Excellence Award in 2018.
  
• AI-Powered Underwriting: OnePath has collaborated with the University of Technology Sydney's Advanced Analytics Institute to develop an AI-driven underwriting engine. This technology streamlines the Personal Statement process by using AI to ask more relevant questions in everyday language, resulting in faster application completion times (up to 30% faster) and on-the-spot acceptance for some medical conditions. This won BigInsights Data & AI Innovation Awards in 2018 for Best Industry Application of Artificial Intelligence and Best Industry Application of Data Analytics.
  
• OneView Life: A comprehensive client management portal for advisers. It allows them to track applications, monitor claims progress, generate quotes for increasing or decreasing cover, access portfolio insights and analytics, and securely send documents. It's accessible online on any device.
  
• Digital Adviser Portal: OnePath offers a continually improving Adviser Portal with self-service functionalities. This includes quoting across both OnePath and Zurich product suites, making alterations to in-force policies, updating client information, delegating third-party authorities, and lodging claims on behalf of clients with real-time updates.
  
• My OnePath Life: A dedicated portal for clients, providing them with transparency and self-service capabilities. Clients can check policy and beneficiary details, update contact and payment information, set communication preferences, check claim status, and view payment history.
  
• LiveWell by Zurich: As part of Zurich, OnePath provides access to the "LiveWell by Zurich" app. This health and wellbeing platform motivates and rewards customers for healthy habits through goal setting, activity tracking, guided meditations, and health check-ins, offering discounts on various products and services. It also includes Telehealth services for quick medical consultations.
  
• Tele-Claims: OnePath has introduced tele-claims to expedite the claims process, reducing the average claim time. SMS updates are also provided to keep claimants informed of their progress.

These initiatives demonstrate OnePath's commitment to leveraging technology to create efficiencies for advisers, simplify processes for clients, and offer value-added services that extend beyond traditional insurance.

OnePath - Pricing and Premiums

The cost of OnePath Life Insurance premiums is influenced by a range of individual factors, including your:

• Age and Gender: Premiums generally increase with age due to the higher risk of claims. Gender can also be a factor, as statistical life expectancy differs between men and women.
  
• Smoking Status: Non-smokers typically benefit from significantly lower premiums due to the increased health risks associated with smoking.
  
• Occupation and Hobbies: Certain occupations deemed riskier or hazardous hobbies can lead to higher base rates or premium loadings.
  
• Health and Lifestyle: Factors such as Body Mass Index (BMI), medical history, and engagement in high-risk activities can result in premium loadings or affect the applicable premium rates.

As OnePath policies are primarily distributed through financial advisers, they play a crucial role in providing personalized quotes and explaining the premium structure. Here's an overview of common premium features:

• Stepped Premiums: These premiums are calculated based on your current age at each policy anniversary. They generally start lower and increase over time as you get older, reflecting the increasing risk of claim.
  
• Level Premiums: While previously available, OnePath no longer offers level premiums for new policies as of February 2024. Existing level premium policies will continue as per their terms. Level premiums were designed to remain relatively stable over time, potentially costing more initially but less in later years compared to stepped premiums.
  
• Bundling Discounts: OnePath offers multi-policy discounts, where combining different types of cover (e.g., Life, TPD, Trauma, Income Protection) under the same policy can result in a reduced overall premium. Family or business partner discounts may also be available when multiple related individuals take out OnePath policies.
  
• Loadings and Discounts: Your premium may be adjusted based on various health and lifestyle factors. For instance, a higher BMI or certain medical conditions can lead to a premium loading (an additional cost). Conversely, maintaining a healthy lifestyle or meeting specific health criteria may potentially lead to discounts. Quitting smoking for over a year can also lead to the removal of smoker loadings.
  
• Payment Frequency: The frequency of your premium payments (e.g., monthly vs. annually) can also affect the overall cost. Paying annually often attracts a discount compared to more frequent payments.
  
• Indexation: Many OnePath policies offer an optional indexation feature, which automatically increases your sum insured each year to keep pace with inflation. While this helps maintain the real value of your cover, it will also lead to a gradual increase in your premium. You can typically choose to switch indexation on or off.

Important Note: The information provided here is a general overview. To obtain accurate and personalized premium quotes for OnePath Life Insurance, it is essential to consult with a financial adviser who can assess your individual circumstances and provide tailored recommendations. They can also explain the specific premium structure and any potential discounts or loadings that may apply to your situation.

OnePath - Product disclosure statement

OneCare and OneCare Super (PDS dated 1 October 2024)

• Purpose: OneCare is designed to provide a range of financial protection options, including lump sum payments and ongoing income support, in the event of death, disability, illness, or injury. OneCare Super is for those wanting OneCare insurance within superannuation.
• Benefits:
  • Provides various cover options such as Life Cover, TPD Cover, Trauma Cover, Income Secure Cover.
  • Offers financial support to individuals and businesses to manage the financial impact of specified life events.
• Eligibility:
  • Eligibility conditions are detailed within the OneCare and OneCare Super PDS.
  • Conditions on who can be a life insured are specified in the PDS.
    
• Key Features:
  • Cover Costs: The PDS explains how the cost of cover is calculated.
  • Payment Options: Benefits can be received as a lump sum or in installments.
  • Claims Process: The PDS outlines the claims process.
  • Cooling-off Period: The PDS details the cooling-off period.
• Important Information:
  • Issued by Zurich Australia Limited.
  • This is a life risk insurance product.

Supplementary Product Disclosure Statements (SPDS) (dated 12 March 2014 unless otherwise stated)

• Purpose: These SPDSs provide additional information to specific original PDS documents. They are designed to be read in conjunction with the relevant PDS, Policy Schedule, and any other applicable SPDS.
• Benefits: Varies depending on the specific product the SPDS relates to (e.g., Income Replacement, Life Cover, Accident Cover).
• Eligibility: Eligibility is defined in the original PDS documents.
• Key Features:
  • The SPDSs include details relevant to the specific product, such as policy terms and conditions.
  • For example, the OnePath Accident Cover Plus SPDS relates to accident cover.
  • Payment options and claims processes are generally outlined in the original PDS, with SPDS providing further detail if needed.
    
• Important Information:
  • Issued by OnePath Life Limited.
  • OnePath Life Limited is owned by ANZ.
  • These are life risk insurance products.

ANZ Life Insurance (Important Policy Information)

• Purpose: This document communicates changes to the policy terms and conditions of ANZ Life Insurance.
• Benefits: Details are in the original PDS, with this document outlining changes to exclusions.
• Eligibility: Defined in the original PDS, with updates to pre-existing medical condition exclusions provided in this document.
• Key Features:
  • Focuses on updates to policy exclusions.
• Important Information:
  • Issued by OnePath Life Limited.
  • Distributed by Australia and New Zealand Banking Group Limited (ANZ)

OnePath - Target Market Determination

OneCare Life Cover

• TMD Effective Date: October 2024
• Issuer: Zurich Australia Limited (Zurich, OnePath)
• Distributor: Not explicitly stated in the TMD, but the document is intended for consumers, distributors and staff
  
• Target Market:
  • Consumers with simple or complex needs who have either completed their own research or want insurance tailored to their circumstances through financial advice.
  • Personal consumers wanting financial protection for dependents or to cover financial commitments in the event of death or terminal illness, or to leave a financial legacy.
  • Business consumers wanting to ensure business continuity or succession in the event of death or terminal illness of a key person.
  • Consumers who want to hold Life Cover in a superannuation environment and understand the conditions of release.
    
• Detailed Key Features:
  • Pays a lump sum or fixed term instalments on death or terminal illness.
  • Allows for TPD and/or Trauma Cover to be linked.
  • Option to buy back Life Cover reduced by a TPD or Trauma claim.
    
• When Life Cover Might Not Be Suitable:
  • Consumers seeking automatic cover without health assessment.
  • Consumers ineligible for cover due to health, occupation or pastimes.
  • Consumers unable to pay premiums.

OneCare TPD Cover

• TMD Effective Date: October 2024
• Issuer: Zurich Australia Limited (Zurich, OnePath)
• Distributor: Not explicitly stated in the TMD, but the document is intended for consumers, distributors and staff
• Target Market:
  • Consumers with simple or complex needs who have either completed their own research or want insurance tailored to their circumstances through financial advice.
  • Personal consumers wanting financial protection for themselves and/or their family in the event of total and permanent disability.
  • Business consumers wanting to ensure business continuity or succession in the event of total and permanent disability of a key person.
  • Consumers who want to hold TPD Cover in a superannuation environment and understand the conditions of release.
    
• Detailed Key Features:
  • Pays a lump sum or fixed term instalments if the life insured suffers a permanent disability that meets the selected TPD definition.
  • Can be stand-alone or linked to Life Cover and/or Trauma Cover.
  • Six definitions of TPD are available (depending on whether the cover is held inside or outside superannuation): Own Occupation, Any Occupation, SuperLink, Home-maker, Non-working, and Business TPD.
    
• When TPD Cover Might Not Be Suitable:
  • Consumers seeking automatic cover without health assessment.
  • Consumers ineligible for cover due to health, occupation or pastimes.
  • Consumers unable to pay premiums.

OneCare Trauma Cover

• TMD Effective Date: October 2024
• Issuer: Zurich Australia Limited (Zurich, OnePath)
• Distributor: Not explicitly stated in the TMD, but the document is intended for consumers, distributors and staff
• Target Market:
  • Consumers with simple or complex needs who have either completed their own research or want insurance tailored to their circumstances through financial advice.
  • Personal consumers wanting financial protection in the event of a specified trauma condition.
  • Business consumers wanting to ensure business continuity or succession in the event a key person suffers a specified trauma condition.
    
• Detailed Key Features:
  • Pays a lump sum or fixed term instalments (for Trauma Comprehensive) when the life insured suffers a specified trauma condition.
  • Can be stand-alone or linked to Life Cover and/or TPD Cover.
  • Three levels of cover are available: Severity Trauma, Trauma Comprehensive and Trauma Premier, each with different benefit structures and premiums.

Contact Details – OnePath

Company Name: OnePath Life (Zurich Australia Limited)

Phone: 131 551 (Zurich/OnePath)

Postal Address: Locked Bag 994, North Sydney NSW 2059

Operating Hours: Monday to Friday, 8:30 am to 6:00 pm AEST