Exclusion discounts are here!
A NZ market first is now live: A novel approach to exclusions.
How it works.
Insurance is constantly evolving, including our underwriting approach – and it just got a whole lot more interesting! Our new discount on certain exclusions is now live. This is a bold first step in us starting to redefine our Underwriting risk appetite, and ultimately make it easier for you to do business with us.
For applications submitted from 12-December 2024 that result in one of the following exclusions on your customer’s Trauma cover, we’ll apply a 10% discount to the Trauma cover premium. The exclusions are:
• Breast cancer
• Colorectal cancer
• Prostate cancer
The cover types that apply.
What’s more, it’ll stay on there for the duration the exclusion remains on the cover. If at any time it’s reassessed and removed, the discount will also be removed (as it is now a covered condition). The cover types it applies to are:
• Trauma cover
• Trauma multi cover
• Survivors income – Trauma cover
The discount will be applied when the underwriting decision is made and will be shown as an endorsement on your customers policy.
We’ll be gathering insights and learnings on the experience with this innovation, and this will help to inform our evolving approach to risk selection. In addition to the great relationships you enjoy with our Underwriting team, we’re committed to ensuring our approach is adaptable and innovative, giving you more ways to support your customers.
Frequently asked questions.
Read moreDo you need to know more?
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No, it stays on the policy for the duration of the exclusion. If the exclusion is reassessed and removed at any stage, the discount will also be removed (as this condition is now covered).
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Trauma cover exclusions for:
• Breast cancer
• Colorectal cancer
• Prostate cancer -
10%. This applies to the Trauma cover premium only.
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It’s a maximum discount of 10%, regardless of the number of eligible exclusions that are placed on the related Trauma-type cover.
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Trauma cover, Trauma multi cover, Survivor’s Income Trauma cover. Both standalone and accelerated benefits are included.
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We’re initially introducing this innovation with these three exclusions on Trauma cover. We’ll be gathering insights and experience from day one so will let you know if any of the parameters change.
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Premiums may be influenced by range of different factors. Fidelity Life is committed to ensuring pricing is sustainable.
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No, at this stage it’s for newly underwritten applicants. It’s an innovation with our underwriting approach so will impact new customers, or newly underwritten cover only.