“While we don’t want to blow our own trumpet,
we do stand out from the crowd in the world of
risk insurance.”
On 31 May, Altrisk launched its 2011 new products at an exciting event at Vodaworld, part of a countrywide roadshow during May and June, thereby underscoring the approach that Altrisk has had since its inception in 1999: to provide cover for those traditionally declined, and to do that with simplicity, accessibility and unique underwriting expertise, winning both clients and brokers. It is an approach that is yielding results, as the company currently covers over 125 000 lives with a 10% new business share of the intermediated risk market.
Today, Altrisk, with the backing of Hollard, provides a suite of risk insurance products for clients across the board, and is reinsured primarily through the Hannover Re Group. Altrisk prioritises entrepreneurial ability, clear focus and specialisation in risk, and that was made clear in the presentation by Craig Harding, Managing Director of Altrisk, at the roadshow. “Our entire approach and philosophy at Altrisk is about adopting a holistic approach to managing risk, which has resulted in Altrisk being one of the most dynamic insurers in terms of product development and industry firsts, including providing affordable cover for people who traditionally could not get cover anywhere else in the market. One of our earliest achievements was being the first to offer new-generation life cover for people living with HIV. The launch is yet another chapter in our quest to make risk simpler for clients and brokers. This simplicity extends from features and benefits through to general exclusions, an aspect so often overlooked in product choice. Simpler products, in turn, lead to simplicity in other parts of the process – simpler quote systems, simpler applications, and simpler ongoing management … and satisfied clients!”
Outstanding Choice
Brokers can now offer their clients a broader range of insurance products and the existing benefits have been enhanced.
An impressive innovation is Swiftnsure, the result of an advanced approach to underwriting that caters for situations where cover is needed immediately. If the client application is clear, up to R3 million cover is provided immediately and 90% of the cover requested is guaranteed with only a negative HIV test. We can further provide the remaining 10% subject to full underwriting.
The latest benefits added to the Altrisk portfolio are:
· Accidental Disability: Clients who previously didn’t qualify for occupation-based disability now have access to cover, because accidents happen to everyone. The benefit offers disability cover unrelated to occupation making it suitable for clients that wouldn’t usually qualify for occupational disability, for example a plumber or an artist. It is especially suitable for younger clients due to its affordability. The accident-only benefit requires no medical underwriting.
· Impairment Income: This is another alternative to occupation-based disability income benefits. It uses an impairment measurement to insure a client’s income and provides an alternative for clients that previously did not qualify for disability income benefits because of occupation or medical conditions. Impairment-only cover makes the benefit cost -effective.
· Long Term Care: Medical advances mean people are living longer, but this also raises the risk of more people needing long term care which can become unaffordable. Benefits are payable after 65 either to the insured or ceded to care providers. Children who have a particular interest in supporting their parents in need of care get that support from this benefit. In addition, a death benefit is provided throughout the term.
· Crisis Waiver: During financially challenging times, Crisis Waiver is a simple solution to keeping cover in place. It pays the premiums on the policy when the need is greatest, and not just during disability. Even ‘insufficient funds’ are covered in certain circumstances. A wide and unique range of emotionally and financially challenging events are provided for, including divorce and hospitalisation. The benefit also returns five premiums every five years when no claims are paid under this benefit.
In developing these new benefits, it was fitting that Altrisk provided a solution for brokers to manage their commission structures better. Altrisk’s Ongoing Commission allows brokers to build an annuity to improve the value of their business and manage cash flow. Brokers can now choose ongoing commission at 15% of every premium, standard upfront commission, or any combination of the two.
Altrisk promised to blow the socks off those who attended the launch and, by all accounts, it did just that.
Bruce Stewart, Principal Member, Risk and Reward Financial Services, comments on Altrisk’s new product offering: “Most importantly, in the already complex world of financial planning, it is refreshing to deal with a company that keeps its product offering simple, yet still very effective.”
Carroll Foster of COVER is flanked by Altrisk’s Sarah Coetzee and Dalene Allen, sporting her Altrisk socks, at the roadshow.
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