OnePath is the new name for ING DIRECT’s insurance, retirement, investment and superannuation business in Australia and New Zealand.
The reason for the name change is that the Australia and New Zealand Banking Group or ANZ has taken full ownership of ING DIRECT Australia. Before November, 2009 ANZ owned 49% of ING DIRECT Australia. The rest of the company was owned by the Dutch based ING group. This name change will not affect ING DIRECT and ING’s other businesses in Europe and the United States.
Often customers of a company that goes through a takeover situation or name change can often become worried about the products or services that they already hold with the company changing or being taken away.
Most of the time although a company may be run by a different management team, or may have simply gone through a re-branding it is unusual for customers to be affected in any way other than a change in documents. It looks as though this will be true for the new name for ING DIRECT insurance.
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Affect on customers
The transition to OnePath will not affect those who have ING DIRECT Savings Maximiser accounts in Australia. Those accounts will still be managed by ING DIRECT, not OnePath.
The change will only affect persons who have investment arrangements and insurance policies with ING Australia. The only change these people will notice in those policies and arrangements will be the name on the paperwork. The insurance and the investments will not change.
Payment arrangements and the return on the investments will not change either. The contact information for ING DIRECT Australia including the post address and telephone numbers will not change.
The website will be updated however, and the new website is http://www.onepath.com.au. ING DIRECT Australia account holders should be able to find updated information and contact lists at that site.
Payments can still be sent to the same post address as before. Electronic payments can still be sent to the same back accounts. Customers should keep making payments as always because the same payment arrangements remain in effect.
OnePath will notify customers of any change in payment arrangements. If no notice of new payment arrangements is received, ING DIRECT Australia customers should continue making payments as always. If you are at all unsure about where, or how you should be making payments, then by all means feel free to ring your customer services team and they will be able to put your mind at rest.
ING Australia insurance policies and investment arrangements
Insurance policies and investment documentation with the ING DIRECT Australia brand on them are still valid. The terms and conditions of these instruments will not change because of the name change. All terms and conditions in these documents are still in effect.
These documents will only be replaced when the terms of the documents change. Nobody should throw out or destroy ING DIRECT Australia investment arrangements and insurance policies because of the change.
At this time OnePath has no plans to replace insurance policies and investment arrangements containing the ING DIRECT Australia Brand with OnePath documents. If this changes in the future, OnePath will notify its customers.
People who use an investment adviser with ING Australia don’t have to change that arrangement because of the name change. Investment advisers and arrangements with them will remain unchanged.
Although arrangements with ING DIRECT Australia will not change, OnePath products will now also be available through ANZ. This means that OnePath customers will be able to work with ANZ branches and advisers.
ING Australia customers will be notified of additional changes via post when OnePath makes them. So far ANZ has not announced any major changes to the structure of ING DIRECT Australia’s insurance policies or investment products and is not expected to.
Customers can get more information about OnePath at http://www.onepath.com.au and at
http://www.ing.com.au/personal.aspx. Individuals that need to make changes to their account or pay bills can do so there.
Most of the time when companies change name or merge they try to make the transition as simple and as worry free as possible for their clients. It does appear that most products and services will remain as they are, unless you are informed otherwise. As mentioned, if you do have any worries then contact customer services and discuss your concerns with them.Back to top