Meeting customer needs through product innovation

• In 2004 Old Mutual released Max Investments, a product range designed to provide personalised long-term investment solutions to customers in the middle- and higher-income segments. Max Investments is appropriate for the changing economic environment of lower inflation, lower interest rates, and higher interest exemptions.

  The product features no initial charges, payment flexibility in the select investment plan, opportunities to maximise tax efficiency, premium protection benefits, and the asset management skills of Old Mutual Asset Managers.

  Premiums start at R250 per month over a ten-year term, or R500 per month if the investment horizon is less than 10 years. Lump sums start at R10 000.

• The burial society-based product introduced in 2002/2003 to support burial societies by underwriting the risk they carry has continued to receive strong support, as has the Family Support Services value-add to assurance portfolios. The Service offers transportation of the deceased to the final funeral home closest to the burial place; HIV/AIDS support and counselling; a 30-minute consultation with an attorney; and a health support benefit that offers advice on health issues, emergency medical advice and counselling.
   
• During 2004 Old Mutual was party to a decision by the industry representative body, the Life Offices Association (LOA), to do away with HIV exclusion clauses from new business written from January 2005. This means that people who test HIV-negative at the inception of the policy but who later contract the disease will have their contracted benefits paid to beneficiaries. New products will be subject to normal underwriting requirements where necessary, including HIV testing.