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Sovereign’s Progressive Care reaches million dollar mark

Sovereign’s Progressive Care reaches million dollar milestone

Sovereign’s new severity-based trauma product, Progressive Care, has exceeded $1million in new annual premium in the eight weeks since it was launched.

This represents almost 2,000 Progressive Care benefits submitted by over 300 advisers.

Sovereign’s Chief Distribution Officer David Haak says it is the most successful and fastest selling product the company has launched in recent history.

“We’re very proud of all of our products, but Progressive Care is really hitting the ball out of the park – it has been extremely well received by advisers all over New Zealand.”

Progressive Care pays a lump sum payment for medical conditions at various stages of severity, which means customers have more options in how they want to approach their situation.

For example, if a customer makes a claim for a heart attack they would be paid out an amount that reflects the severity of the condition at the time[1]; and the policy remains live, allowing the policyholder to claim for future medical conditions at another time. They could potentially claim more than 100% of their cover.

Sovereign Chief Executive Symon Brewis-Weston says the results backs up the company’s focus to develop products that suit 21st century lifestyles.

“Our customers have told us they want products that are relevant, provide value for money and are transparent – we developed Progressive Care as a result of that feedback and are really encouraged by adviser and customer support to-date.

“We have to continuously change our products to meet the needs of our customers – and make sure the products take into consideration advancements in medical procedures and technologies.

“Medicine today is a whole different ballgame than it was fifty years ago. A cardiac procedure such as angioplasty no longer means weeks of hospital-based recovery with patients instead being treated in day-long procedures.”

Brewis-Weston says that feedback from advisers is that customers appreciate having choices about how they will be able to use their payment at claim time such as clearing debt, taking a holiday or seeking private medical insurance.

“One of the most appealing facets of the product seems to be the ability for policyholders to use their payment however they’d like to.

“Pressures on the New Zealand public health system mean having the option to seek private treatment could be very reassuring. This is likely to become more appealing, especially in light of the Health Funds Association of New Zealand (HFANZ) recent report revealing an estimated 280,000 New Zealanders currently need elective surgery, with 170,000 of these not even making the waiting list. [2]“

About Progressive Care
Available as either personal or business protection, Progressive Care covers 62 medical conditions with payments from 10% through to the full amount of the sum insured, depending on the seriousness of the condition[3]. This means claims can be made across a range of conditions over the life of the policy, at all stages of severity.

The conditions covered by all policies fall into five categories: Heart and Arteries, Cancer, Brain and Nerves, Loss of Function, and Other Health Events.
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