OnePath Life has launched 10-year premium projections on alteration quotes in a bid to provide greater clarity for financial advisers and their clients.
The insurer said the projections, for existing OneCare and OneCare Super policies, will enable advisers to have more meaningful conversations with their clients about the estimated future cost of their premiums.
OnePath's head of propositions and group life, Gerard Kerr said OnePath will continue to invest in its products and enhancements as it takes a 'new path' to make insurance better.
"OnePath Life is on a new path to increase the understanding, engagement, and interaction clients have with their insurances. Developing tools such as the 10-year premium projection tool is another example of our ongoing development," he said.
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The new system will replace the current manual process where advisers contact the insurer, rather than doing projections on-the-spot with their clients.
The news comes after the insurer introduced a new system for advisers to get a quote on increases and decreases on policies through OnePath Life earlier this year.
"OnePath Life recognises there is always more to do to make insurance better, and we are building a good track record of enhancements and innovation that show true commitment to this goal," Kerr said.
The company said these enhancements have been made with the goal of making policies more flexible and relevant to changing client needs.