CIA Annual Meeting Assemble annuelle de lICA June
CIA Annual Meeting Assemblée annuelle de l’ICA June 29 & 30, 2006 ŸLes 29 et 30 juin 2006 Ottawa, Ontario IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Introduction – What is Simplified Underwriting? – – Why Simplified Underwriting? Product Innovation with Simplified Underwriting for DM/TM distribution around the world • Australia • Easter Europe • Philippines IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • What is Simplified Underwriting? – Guaranteed issue – Non-medical – Health Declaration – Short form underwriting IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Why Simplified Underwriting – Used in situations where face to face distribution with an qualified insurance agent is not possible – Creditor, Association Group, Direct mail, Telemarketing IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Australia – Life Advance Plan for Citibank Cardholders • Benefits – Max Sum Insured $100, 000 – Term Life payable upon Death 50% of benefit advanced if diagnosed with covered illness Heart Attack, Stroke, Cancer or Paralysis – » • Cardholders & Spouse ages 18 – 54 – – Term Life renewable age 70 CI renewable age 65 IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Australia – Life Advance Plan • Underwriting – Health Declaration » Family History » Pre-existing Condition • Exclusions – – – Self-inflicted injury, AIDS/HIV 90 day qualifying period for CI Pre-existing conditions IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Eastern Europe - Poland – Basic Health Insurance • Benefit – Primary / Specialist Care – Basic / Specialist Diagnostic Tests – Assistance in Emergency Cases – Homes DR Visits – Hospital Consultant – Dentist Care IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Eastern Europe – Health Insurance • • 18 to 65 Underwriting – Eligibility Ages Health Declaration & Health Questionnaire to determine appropriate coverage rather than selection of risks to be insured – • – – Exclusions Standard list + Pre-existing conditions Underwriting done at time of claim IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Philippines – Pre Need Product – Similar to endowment, sold as investment/savings plan, not insurance product – Insurance in packaged with the investment to guarantee the plan will reach maturity • Benefits » – Maturity Value paid upon Maturity » Payment Period 5 years » Maturity Period 10 years Group Credit Life & Disability pays the maturity value in in full IND-1: The Challenges of Simplified Issue Products
CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA • Philippines –Pre Need Product • • 18 to 64 Underwriting – Health Declaration • Significant values are offered on a guaranteed acceptance basis with not underwriting because the risk of anti-selection is minimal IND-1: The Challenges of Simplified Issue Products
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