Daring to be Different Defines Altrisk’s New Product Developments

Altrisk’s commitment to making life simple was once again demonstrated with the launch of four new benefits, a new commission structure for brokers and an innovative underwriting option during a countrywide roadshow during May and June.

The theme of daring to be different is fitting for one of the youngest life players in the market - launched just 12 years ago, Altrisk has certainly built up a reputation for creativity and an alternative approach to risk. It is an approach that is yielding results, considering that the company currently covers over 125 000 lives with a 10% new business share of the intermediated risk market.

“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 that we were first to offer new-generation life cover for people living with HIV,” explains Craig Harding, Managing Director of Altrisk.

“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!”

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.

Swiftnsure is the result of an advanced approach to underwriting that caters for situations where cover is needed immediately. If the client application is clear, we’ll provide up to R3 million cover immediately and we’ll guarantee 90% of the cover requested with only a negative HIV test. We can further provide the remaining 10% subject to full underwriting.

In developing these new benefits, it was fitting that Altrisk provided a solution for brokers to manage their commission structures better. Up until now, this was the only choice brokers did not have in a world full of different options. 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.

“The principles behind Altrisk’s latest developments are driven by a company-wide held belief that simplicity and transparency in all facets of business dealings with policyholders and brokers is fundamental to the creation of a healthy, stable and professional industry and in turn, better informed and appropriately covered clients,” concludes Craig.