News in Brief: Surgical policies will be cut

News in Brief: Surgical policies will be cut | Insurance Business

News in Brief: Surgical policies will be cut
Surgical policies will be cut
IAG’s State Insurance brand has confirmed it will proceed with the transfer of its surgical insurance policies to specialist health insurance provider UniMed.

The required approval had been received by regulator RBNZ, said head of specialist business for IAG’s direct insurance division, Lisa Hope.

The transfer involves the surgical policies of around 1800 customers as of today.

Hope said the policies had required a level of expertise and specialised support that State was finding difficult to maintain.

“For our customers, transferring to UniMed means ongoing access to cover through a provider with an excellent reputation and specific industry expertise.”


Insurers launch guide to sharing
A group of UK insurance experts have launched a guide to the sharing economy for people who want to make money from assets such as their home or car, reports Advisen.

Graeme Trudgill, executive director of the British Insurance Broker’s Association (BIBA), said experts in the field had been looking at new ways to help people insure themselves as the market takes off.

“To use the item, but not to own it in many cases, presents unique challenges to the traditional insurance company.

“BIBA members have been approaching insurance markets and can use their expertise in risk management to work with sharing economy businesses to find ways to reduce the risk,” he said.
 
Mutual walks the talk
For an industry where policy wordings crucially rely on accurate and understandable language, Medical Assurance Society (MAS) has come up trumps twice.

The mutual society was a finalist in the category Best Plain English Turnaround in this year’s Plain English Awards for both their Motor Vehicle Insurance and their House and Contents Insurance Policies.

The House and Contents policy later won the prize.

Less of a coup for the industry was the EQC’s nomination for People’s Choice – Worst ‘Brainstrain’ Communication for an email about a simple repair job that hadn’t been sorted after three years and three months.
 
EQC TV rating high
A TV series dealing with Canterbury rebuild issues from an insurance perspective is proving popular with more than 25,000 online video plays after only three weeks.

The 12-episode series, Covered – Restoring Our Community, is a joint initiative between CTV and the Rebuild Christchurch website which came about after discussions with the Insurance Council of New Zealand (ICNZ).

It aims to help viewers and customers better understand everything from repair methodologies and the claims settlement process to advisory/social services and new innovations in the recovery effort and insurance companies and the EQC are actively involved.

“This is a unique media collaboration between a television station and a community-based online resource to produce programmes that will ultimately help residents and customers during the claims settlement process,” said ICNZ communications manager Samson Samasoni.

“Clearly there is an audience in Canterbury still wanting detailed information on insurance-related issues and the opportunity for the industry to participate in a media format that is accurate and offers context is very much welcomed,” he said.

The videos are available on the Rebuild Christchurch website after their first screening on Cue Tv  on Tuesday evenings at 8.30pm and CTV on Wednesdays at the same time.