NN Orange Risk is a new flagship life insurance proposition from NN Czech Republic. The new proposition is the result of a year-long effort, following from the acquisition and integration of Aegon Czech Republic, and is top of its class in transparency, customer suitability and value. NN Czech Republic launched the proposition in July to brokers, and will offer it through tied agents and a bancassurance partner later in the year.
NN Orange Risk is a standard term risk product offering a variety of coverages and options for discounts. What sets it apart is the variability and quality of coverage, and the innovative approach in underwriting and digital administration. This includes the prolongation of the adult maturity age to 80 and juvenile maturity to 26, the innovation of many of its riders (e.g. disability, critical illnesses), and, for example, the introduction of the new and sought-after coverage for long-term care.
A product for long-term care coverage
‘Long-term care coverage is still pretty much non-existent on the market. When a customer loses the ability to work, let’s say, due to illness or disability, it does not necessarily mean that he or she can’t do their shopping or make themselves a cup of tea. But customers who require long-term care are unable to take care of themselves and need someone’s help, part-time or full-time, depending on the severity. As their family members are often already stretched, such a situation can become an issue. We have decided to address it by offering this product,’ said Michal Korejs, Head of Product Development at NN Czech Republic.
Another aspect that differentiates NN Orange is a new approach in underwriting.
‘We re-assessed the activity risk groups, underwriting limits, waiting periods, and we are clear about pre-existing conditions in our terms and conditions. We decided to aim for underwriting excellence that would enable us to tailor insurance to individual needs and lifestyles of present-day clients, transparently and at a favourable cost. We, as a company, make sure that the underwriting questionnaire is well structured and precise, we certainly do not want to transfer this responsibility to the customer,’ added Michal Korejs.
A value proposition featuring the best of both worlds
Following the acquisition of Aegon’s Life Insurance business in the Czech Republic in August 2018, NN Czech then began an ambitious integration effort. From this new foundation comes NN Orange Risk, in which NN Czech Republic has combined the best of both worlds to create its technological and innovative approach and customer focus. NN Orange Risk is therefore an insurance product defined by customer friendliness in terms of administration and follow-up servicing, leveraging features such as digital document signing and simple SMS authorisations.