Key enhancements to aid full disclosure
17/12/2009
The importance of customer disclosure has always been paramount, and in the new regulatory regime it will be just as important, therefore it’s vital that we ensure customers are well informed of what they need to disclose and why.
To that end, the Sovereign Life and Health application form has undergone enhancements that include features aimed at ensuring customers are well informed about their duty of disclosure.
Sovereign has dedicated a section entitled ‘what you need to tell us’. This section is designed to emphasise to customers the reasons why full disclosure is important when taking out insurance.
Some additional highlights include:
- Removal of the special pre-acceptance certificate, the ‘what happens next’ page, information about HealthScreen and telephone underwriting
- Updated Declaration and Consent in line with the Privacy Commissioner’s recommendations
- Inclusion of a new tick box on page 7 and page 25
- A more concise payment section, similar to the new short-form application
- Changes to the look and feel from a brand perspective
- Overall page number has decreased from 36 pages to 32.
The removed sections (pre-acceptance certificate, what happens next, information about HealthScreen and telephone underwriting) have been added to the new take home pack for customers, incorporating all of this essential information into one simple pack for the customer to keep. It also avoids advisers having to tear about pages from the application form for customers.
Copies of the take home pack and new Life and Health application form are available from the Sovereign mailroom.