Greenlight Introduction

GREENLIGHT
10 reasons why you should choose GREENLIGHT
from Old Mutual
Old Mutual has been in the risk insurance business for 165 years. We’ve built a significant
business in South Africa and world-wide. We are proud to provide our clients with the best risk
cover solution for when they need it most.
1. G
REENLIGHT proudly and regularly publishes up-todate claims payout ratios. This important statistic
tells you what percentage of claims the company
paid, of those it received. When claims are not paid,
it’s important to understand why. Companies are
very good at publishing “claims stats” – the gender
of claimants, their age and so on. This is not the
information you need in order to understand whether
you can trust a company to pay your claims. You
need claims payout ratios. GREENLIGHT advertises
that we pay what we promise – no excuses and
publishes up-to-date, detailed information indicating
what proportion of claims submitted are paid. You
can’t exactly taste it, but you can trust what’s in a
GREENLIGHT policy!
2. E
ach GREENLIGHT benefit targets a particular risk
need. No mess, no fuss. The language we use is
simple and easy to understand. You won’t find
extreme medical jargon… unnecessary exclusions…
or useless, complicated frills with GREENLIGHT. Now
that’s peace of mind and valuable advice.
3. G
REENLIGHT’s Comprehensive disability covers a
wide range of complex and often difficult to pronounce
medical conditions in a language that everyone
understands. Occupational disability, physical and
functional impairments are all covered at 100%. Our
Daily Task Test covers the outcome of hundreds of
illnesses, all in a simple test where you only need
to score 6 points within any or across all of the 8
functional categories to qualify for a claim.
4. W
hat truly sets GREENLIGHT apart when it comes
to severe illness cover is that we pay 100% of the
cover amount for 40 different illnesses or conditions
under our Comprehensive Severe Illness Benefits,
no matter the severity. Our Extensive Illness Benefit
adds a further 13 mild conditions at 30% of the cover
amount.
5. G
REENLIGHT offers the choice of having stand-alone
benefits, or accelerated cover. And consider the uses
of GREENLIGHT Future Cover. This is basically a
health option. It allows you to undergo medical testing
at a younger age, but to apply to take out additional
cover AT STANDARD RATES in future, at each 3-year
anniversary as well as at various life events such as
marriage, childbirth or death of a business partner.
Now that’s super flexibility. The tailored risk cover
solution to suit your needs and fit your pocket – and
can keep pace with life’s changes.
6. G
REENLIGHT also offers benefits created specifically
for business owners. Keyperson cover provides
the necessary funds to overcome negative impacts
caused by the death or disability of a key person in
a business. Buy and sell cover is risk cover that
business owners take out on each other’s lives to
enable them to buy a deceased or disabled owner’s
share in the business. Business contingency cover
allows a business to take out cover on the life of an
individual who stands surety for business debts, thus
providing the necessary backup funds to negate the
risk to a business. Business overheads replacer
cover provides a monthly income for a limited period
to cover business overheads should a business owner
become temporarily disabled or suffer an illness,
which results in a reduced business turnover.
7. Y
ou would expect a company the size and age of Old
Mutual to have a huge research division. Yes, you are
right. Look out for evolutions in medical underwriting
as a result, like those we implemented for pilots and
diabetics. Remember, since GREENLIGHT benefits
are underwritten thoroughly upfront, the risks taken
on are well understood. The risks can thus be
priced accurately… and all this so that we can pay
valid claims.
8. G
REENLIGHT is priced for life. This has been
confirmed on numerous occasions during the past
number of years after we reviewed premiums at the
end of their guarantee terms. We are proud to state that
we have neither increased nor decreased premiums
at these review dates, as premiums are accurately
priced, and remain extremely competitive.
10 reasons why you should choose GREENLIGHT from Old Mutual
9. G
REENLIGHT has unique integrated advice tools for
both personal and business cover, E.R.N.I (Easy Risk
Needs Indicator) and B.E.R.N.I. (Business Easy Risk
Needs Indicator). Your broker or adviser will guide you
through the many product options that are available
within GREENLIGHT. At the end of this journey, you will
be able to choose a tailored risk solution that will give
you the widest cover, best meeting your needs while
remaining affordable.
OMMS 06.2010 T1266
10. G
REENLIGHT CARE 4U is a unique, holistic,
life-assisting support programme exclusive to
GREENLIGHT clients – so your GREENLIGHT risk
solution can help you and your family every day. The
catch-phrase we use is: “A single call that can save
time, effort, heartache – or even a life” because of the
sheer range of assistance available. The programme
provides access to body repatriations anywhere in
the world back to South Africa, emergency medical
services, armed guards protecting a burgled home,
disability aids sourced and procured at a discount,
health advice, cash back on active gym membership,
legal advice, discounts on health-related magazines –
it’s all there to assist, when life happens.
GREENLIGHT E.R.N.I.
(Easy Risk Needs Indicator)
why E.R.N.I.?
I n a super-complex risk cover world, advisers are challenged to create customised risk cover solutions for clients. With
rules and calculations varying between product providers, it isn’t always easy to match a client’s needs to a BEST-FIT
risk cover solution that really maximises protection. And as a result, there are important questions advisers have to
answer…
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Which products does my client qualify for, based on their income, age, occupation etc?
Which product is the very best option for my specific client, for each of their needs?
How much cover will my particular client be granted for death, disability and so on, according to financial underwriting
rules?
A
nd in particular, for disability cover, what is the maximum extra I can recommend to my client, bearing in mind the
structure of their income, their existing disability income and lump sum cover? What combinations of income and
lump sum cover will be granted to my client?
Who will help me get it right, and who will back me up if I get it wrong?
how
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E.R.N.I. – Greenlight’s Easy Risk Needs
Indicator is a super-tool for financial advisers,
programmed with all the intelligence of
Old Mutual’s top minds, and designed to create
a customised GREENLIGHT risk cover solution
for each client.
E.R.N.I. performs powerful calculations and
logical algorithms, taking your client’s specific
profile into account:
• Aggregation and financial underwriting
eligibility calculations
• Client eligibility for product, and picking the
best-fit product for the client profile where
there are choices of product meeting a
particular need
Based on a series of variables entered by an
adviser, working with a client, E.R.N.I. delivers
a solution that is high-tech, easily understandable, and even easier to action.
E.R.N.I. is designed to be hosted on a laptop
as a workable programme integrated with
Old
Mutual’s
quotation
and
electronic
application program (OmuQuote and Finalisor),
and a pared-down, case-study based example
will be hosted on the Old Mutual website for
clients to interact with.
E.R.N.I. creates a reason for clients to ask
about GREENLIGHT products – and a reason
for them to purchase, with real solutions
applicable to their life stage.
E.R.N.I. can help to give clients and advisers
confidence that the GREENLIGHT solution
chosen will be the best fit possible for the client,
and will really meet their needs appropriately.
this is how
GREENLIGHT sees it
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E.R.N.I. is unique to GREENLIGHT – no other
company makes tailoring risk cover solutions
this bullet-proof or this easy.
A super-tool developed in conjunction with top
actuaries, researchers and programmers.
State-of-the-art
calculations
and logical
algorithms aligning client need with products
available.
Easy-to-use, portable, high-tech.
Cuts back on paperwork, manual applications
and potential errors.
Creates a reason to contact clients and
potential clients.
GREENLIGHT E.R.N.I.
more info…
E.R.N.I. consists of five phases:
EXPAND and ENGAGE All about your client
Every client’s need is different, which is why E.R.N.I. begins with a general introduction, as well as a
summary of your client’s primary needs and GREENLIGHT’S cover options, in three main risk cover
categories: life, disability and severe illness cover.
At this stage, all assumptions are adjustable – and according to the client’s preference, E.R.N.I.
runs through a complex matrix of variables and makes a risk cover recommendation unique to your
client.
EVALUATE Our core cover recommendation
Based on the client’s answers to a few easy questions, E.R.N.I. generates a transparent, easy-toread spread of core risk cover recommendations for death, disability and illness. At a glance, clients
see the risk cover solution that’s right for them and how much it costs – and they can choose to
accept this, or they can choose to ‘Modify’ it, until, together, you reach a risk solution customised
to their specific needs.
EXTRAS Additional cover options
Because life isn’t always simple, and your clients’ risk cover needs very rarely fit squarely into three
major categories, GREENLIGHT has developed a unique suite of risk cover products with which to
further customise a risk cover solution. These include:
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Cover for accidents, crime and violence
Immediate liquidity on death
Temporary income cover
Physical impairment or handicap cover
Cover for future needs
Savings and cash back options
EXPLAIN How we got here
In this phase, your client is exposed to our thinking – both yours as their adviser, and E.R.N.I.’s – in
easy, clear rationales that clarify all decisions and choices that have led to their ultimate risk cover
solution.
EXECUTE Where to next
OMMS 06.2010 T1266
Every GREENLIGHT risk cover solution processed by E.R.N.I. is tailor-made – and after a consultation
the program automatically generates a comprehensive report containing details of this solution. You
can print out a copy and package it for a client to take away, or your client can choose to activate
it – right then and there, at the click of a mouse. This easy, automated process helps advisers to
process applications quickly and seamlessly, cuts down on paperwork, minimises any potential
errors and maximises efficiency.
GREENLIGHT FEATURES
Simple product structure
A customer’s personal risk needs can be categorized into four broad areas:
1.
2.
3.
4.
The
The
The
The
need
need
need
need
for life cover.
to protect their ability to earn an income.
to make provision for lifestyle adjustments due to illness, impairment or retrenchment.
to provide for future needs or goals.
Business needs are also catered for with GREENLIGHT for Business
more info…
Immediate cover on issue
Clients are covered before their first premium is due.
This feature applies to ALL lives (standard or loaded) and
Flexibility
ALL GREENLIGHT benefits with no restriction on the Cover
Amount.
A choice of level or increasing premiums.
A choice of level or increasing cover.
A choice of accelerator or stand-alone benefits.
Cover patterns and premium patterns.
-E
ach stand-alone benefit can have its own cover and
premium pattern independent of others.
A choice of whole-life or term Cover Style.
Price competitive offering.
The modular structure allows benefits to be added and
subtracted over time, as risk needs change.
Premium patterns can be changed over time.
Cover can be increased or decreased voluntarily.
Rating factors such as smoker status and occupation
class can be changed.
Competitive and robust premium rates, Priced
For Life
All pricing assumptions are based on our best estimate
of future long-term experience.
Our recent basis review indicates that the GREENLIGHT
pricing basis is sound.
Priced For Life means that when the premium is
calculated the ENTIRE benefit term is taken into
account.
This means that premiums are designed not to change
so long as the underlying pricing assumptions do not
change significantly.
At premium review:
If a Guaranteed Term of say, 10 years is chosen, the
premium is guaranteed for a given level of cover within
this 10-year period.
At the end of the Guaranteed Term, the then best
estimate of future experience will be used to determine
whether the premium needs to be reviewed. If so,
there may be a decrease or increase in premium at
this point.
Each risk pool is treated separately and past profits
and losses within these risk pools will not be recouped
through the reviewed premium.
Cover will commence on the later of:
- The date on which Old Mutual issues the benefit; or
- 30 days prior to the selected first premium due date.
Old Mutual will issue the benefit after underwriting has been
completed, all outstanding information has been received,
and Old Mutual has accepted the GREENLIGHT application.
This early cover period is restricted to 30 days, i.e. you will not
be covered for claim events occurring earlier
First
premium
due
(1 June)
Date John
is covered
(1 June)
Date of
issue
30 days “free cover”
Conversion options
A Conversion Option allows the Contracting Party of ALL
qualifying term benefits the built-in option to take out a new
GREENLIGHT benefit on the Life Covered’s life at the end of the
Cover Term, subject to minimal underwriting.
Example
Joe Smith is about to pay off the bond on his house. At
the same time, the Death Benefit he bought at standard
rates to cover his bond is about to reach the end of its
Term Contract. When the bond is paid off, the house will
become an asset in his estate. As a result, there will be an
impact on estate duty – which will mean more life cover
will be needed to cover Joe’s future estate duty costs. Joe
exercises his Conversion Option on the Death Benefit and
takes out a whole life Death Benefit with the same cover
amount, with limited underwriting. This benefit is also at
standard rates despite the fact that his health may have
deteriorated since he took out the original Death Benefit.
GREENLIGHT FEATURES
more info…
Premium Flexibility
GREENLIGHT offers a simple choice of three premium increase patterns, depending on which benefit
is selected:
1. Level premiums
2. F
ixed Rate Compulsory Annual Premium Increases (5%)
3. A
ge Profiled and Aggressive Age Profiled Compulsory Annual Premium Increases
The combination of premium increases and cover style will impact the premium that is payable.
1. Level premiums on risk benefits
■■ The Contracting Party can choose to pay level premiums for a level amount of cover.
2. Fixed Rate CAPI (5%)
■■ This pattern offers a cheaper initial premium than that under a level premium pattern, but one
that gets more expensive with time.
■■ Premiums will increase each year by 5% per annum.
■■ This pattern can be chosen on ALL risk benefits except benefits in the Future Needs Cover
category, and the Final Expenses Family and Retrenchment Benefits.
3. Age Profiled or Aggressive Age Profiled CAPI
■■ This premium pattern may offer a cheaper initial premium than the 5% CAPI, but this premium
will increase more rapidly at older ages.
■■ Age Profiled and Aggressive Age Profiled CAPI can be chosen on the Death, Accidental Death
and Final Expenses Benefits and on all benefits taken as an accelerator to the Death Benefit.
■■ Age Profiled and Aggressive Age Profiled CAPI will only be available to Life Covereds who are
age 30 next birthday or older.
■■ Premiums will increase each year as described below, by a rate that depends on the age of
the Life Covered.
The Age Profiled and Aggressive Age Profiled CAPI rates will be:
Age next birthday
OMMS 06.2010 T1266
Age Profiled
Increase rate
Aggressive Age
Profiled Increase rate
31 - 40 years
4%
4%
41 - 50 years
5%
7%
51 - 60 years
6%
9%
61 years and older
8%
9%
UNDERWRITING
GREENLIGHT underwrites once
– at inception, not at claims stage!
Our underwriting practice has been fine-tuned – and we continue to look for ways to make life SIMPLER for clients
and financial advisers, without sacrificing the GREENLIGHT CERTAINTY of having cover that will pay out what it
promises.
Our PRICED FOR LIFE philosophy is supported by a sound underwriting practice. We need to ensure that our risk is
managed to be in line with the risk that we priced for.
GREENLIGHT underwrites
at inception not at claims
stage
Because underwriting
influences the price of the
product
Accurate pricing ensures we can pay what we promise - AND WE DO
Also remember that we need to check a claim for
fraud or non-disclosure. This means that we need
to check at claims stage, that the health information
given to us at inception is complete and true. This
is not underwriting! This is claim verification. Claims
and underwriting go hand-in-hand. The GREENLIGHT
philosophy is: Underwrite properly at inception
– understand the risks of writing the business
– and pay the claims!
UNDERWRITING
Greenlight’s fair underwriting in practice
Underwriting Statistics
Jan - Dec 07
Jan - Dec 08
Jan - Dec 09
Accepted at Standard Rates
86%
87%
86%
Declined
6%
6%
6%
Loaded
6%
6%
6%
Excluded
2%
1%
2%
Greenlight Help Grid
Marketing underwriters
Regional underwriting support
Explanations and investigations of underwriting issues
Individual contact numbers available
risk product specialist
Regional product support
Explanations and competitor comparisons relating to risk
products
Individual contact numbers available
greenlight call centre
Administration support and queries
08600 60 4500 (8am - 6pm, Mon - Fri)
www.oldmutual.co.za/greenlight
OMMS 06.2010 T1266
greenlight care 4u
Access to assistance “for when life happens”. Accessible to
GREENLIGHT clients only
0860 61 62 63 (all day, every day)
BIG CASES R5m+
Speedy issue
[email protected]
Underwriting Decision Review
With additional medical information
[email protected]
Underwriting Escalations
[email protected]
MEDICAL CORRESPONDENCE
Changes to nominated doctor in writing, or medical feedback requests
[email protected]
travelling nurses
Short Medicals, blood/urine samples
0860 000 IMED (0860 00 4633)
[email protected]
PHARMACIES
Short Medicals, blood/urine samples
Selected pharmacies only
UNDERWRITING FOR KNOWN IMPAIRMENTS
Use Finalisor with built-in Impairment Guide
[email protected]
GREENLIGHT CARE 4U
why GREENLIGHT CARE 4U
GREENLIGHT CARE 4U offers access to 24-hour assistance, advice and services for:
health and wellbeing, emergencies, death and bereavement, disease management, lifestyle and fitness, addictions, health products,
emergency child care, post-burglary support and much more.
how
GREENLIGHT CARE 4U is a unique, holistic, life-assisting
support programme available to eligible persons – so
your GREENLIGHT risk solution can help you and your
family every day. The revolutionary support centre
instantly connects you with a comprehensive network
of assistance – for virtually any need, emergency or
problem.
The following people are eligible to use
the GREENLIGHT CARE 4U programme:
■■ The person whose life is covered by a standalone
this is how
GREENLIGHT sees it
■■ 24-hour access to assistance, advice and services –
for when life happens.
■■ A single call that can save time, effort, heartache – or
even a life.
■■ One access point for all services – 0860 61 62 63.
■■ Free, unlimited access for all eligible persons.
■■ For
health and wellbeing, emergencies, death
and bereavement, disease management, lifestyle
and fitness, addictions, counselling, post-burglary
support, legal advice... and much more.
GREENLIGHT risk benefit.
■■ The Life Covered’s partner.
■■ The Life Covered’s dependant children.
■■ The Life Covered’s domestic employees.
■■ Lives covered under the following benefits only will
not be eligible to use the GREENLIGHT CARE 4U
service: Committed Savings Benefit, Select Savings
Benefit, Premium Protection (Death) Benefit, Premium
Protection (Disability) Benefit
Eligible persons have access to a range of
information, advice and services in the
following risk-related areas:
■■ Health and wellbeing.
■■ Emergencies and trauma.
■■ Work (disability and retrenchment).
■■ Death and bereavement.
In addition, the following are available to
eligible persons:
■■ Counselling.
■■ Legal advice and services.
■■ Advice relating to children and schooling.
what does it do for you?
The GREENLIGHT CARE 4U programme is carefully structured around
areas of risk needs, and gives eligible persons access to appropriate
risk-related cash back and discounts.
Health and wellbeing
GREENLIGHT CARE 4U can provide access to advice and information on
■■ Eating and fitness programmes
■■ Stress management and relaxation techniques
■■ General health and medical topics
■■ Explanations of medical terminology, treatments and diagnostic
tests
■■ Self-care and natural or alternative medicines
■■ Referral to treatment or support facilities for dread diseases or
chronic illnesses
■■ Referral to medical specialists for second opinions on dread disease
diagnoses
■■ Virgin Active joining fee waived and 50% rebate on monthly
membership fees if attendance requirements are met
■■ No joining fee for: Shapes for Women and Contours Express
■■ 30% discount on variety of first aid kits
■■ 25% discount on first aid classes
■■ 25% discount on Vital health supplements
GREENLIGHT CARE 4U
what does it do for you?
■■ 35% refund of Run/Walk For Life annual membership if
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attending at least 80% of sessions
35% refund of Weigh-Less membership if weight target is
reached within agreed time period
25% discount on The Best Way to Stop Smoking/Substance
Abuse programme
Discounts on selected spas nationwide
25% discount on driving courses
10% discount on Trellidor and DefenDoor installations
ADT
- 50% discount on installation equipment
- Installation fee waived
- Up to 20% monthly premium discounts
Discounts on vehicle tracking products (Altech Netstar, Ctrack,
Matrix, Tracker Alert and Tracker Retrieve premiums)
A 40% monthly discount on STOPALL
10% discount on Glasfit Secure Tint
Discounts through THE GOLF PLAYERS CLUB
Discounts on magazine subscription
Work and disability
GREENLIGHT CARE 4U will support you with
■■ Referral to appropriate therapy providers, such as physio-
therapists
■■ Provision of advice on how to return to work
■■ Provision of advice on UIF procedures and requirements
■■ Provision of a template for CV compilation
Emergencies and trauma
GREENLIGHT CARE 4U provides
■■ Immediate medical response to the scene of the emergency
■■ Transfers to the most appropriate medical facilities (only in
South Africa)
■■ Telephonic emergency medical advice and information on first
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OMMS 06.2010 T1266
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aid procedures and medication
Guaranteed hospital admission (payable by the eligible person
or medical aid, up to R5 000)
Transport of life-saving medication or blood to victim if
required
Care for stranded children immediately after incident
Transport costs of up to R1 000 for a compassionate visit by
a close relative
Repatriation to South African hometown if hospitalised in
South Africa away from home and requiring medical assistance
in order to return
Free blood tests at 6 weeks and at 3 months after exposure to
potential HIV infection
Provision of anti-retroviral medication for 30 days after
exposure to potential HIV infection
Provision of sexually transmitted infection medication for
7 days following event
Registration on an HIV management programme in the event
of HIV infection
Medical treatment for injury resulting from assault (maximum
R5 000 per person or R10 000 per family)
Free security guards at scene of burglary for 48 hours
afterwards
Death and bereavement
GREENLIGHT CARE 4U will support you with
■■ Body repatriation (local and international) to a South African
location
■■ Assistance in obtaining a death certificate in case of unnatural
deaths
■■ Referral to a pathologist, where necessary
■■ Referral to a reputable funeral parlour
■■ Referral to providers of other funeral-related services (e.g.
catering, tents, tombstones)
■■ Access to discounts at national funeral providers
Legal service
GREENLIGHT CARE 4U cannot provide financial advice.
GREENLIGHT CARE 4U will put you in touch with a panel
of legal experts who will consult with you on any general
legal issue, including:
■■ Winding up an estate
■■ Interpreting a will
■■ Divorce
■■ The purchase and sale of property
■■ Employment labour law and industrial relations
■■ Tax
GREENLIGHT CARE 4U will also assist you with:
■■ A standard legal document service which includes access to a
Small Claims Court kit, a Maintenance kit, a Domestic Workers
Agreement and a Will template
■■ Access to details of appropriate legal practitioners, if required
■■ Limited face-to-face consultation up to 30 minutes for each
legal matter, if required
Counselling
Talk to the GREENLIGHT CARE 4U team 24 hours a day,
about any traumatic event, including:
■■ Medical trauma
■■ Rape or assault
■■ Hijacking
■■ Women or child abuse
■■ Domestic violence
■■ Suicide
■■ Fire
■■ Motor vehicle accident
■■ Kidnapping
■■ Potential hiv exposure
■■ Dread disease diagnosis
■■ Disability
■■ Retrenchment
■■ Bereavement with specialised support for the loss of a child
Children and schooling
GREENLIGHT CARE 4U can provide advice and assistance
relating to children. This includes:
■■ Advice on the protection of children in their school environment
■■ Interventions to protect a child’s rights
■■ Legal assistance for childcare
■■ Adoption and paternity disputes