Zurich speeds up life insurance applications

/, Insurance News, Insurers, Life Insurance/Zurich speeds up life insurance applications

Zurich Financial Services Australia (Zurich) has announced a number of life risk enhancements starting from this month. These changes aim to make it easier for financial advisers to help their customers get the right life insurance cover quickly, shaving off up to four hours off administration time from some applications.

Zurich‘s annual enhancements review includes improvements to existing life insurance products for customers, as well as practical support for financial advisers in the speed and flexibility of administrating applications. Since its repricing last year, Zurichalso said that it remains at the top of table for pricing in Death and TPD cover in the small business market against its competitors.

Zurich has continued to heavily invest in its industry-leading ‘all in one’ software, LifeXpress, upgrading the service with further refinements as suggested by advisers, covering all three aspects of applications: quoting, electronic lodgement and auto underwriting.

General Manager of Life Australia Mr Colin Morgan commented “This year’s enhancements provide financial advisers the ability to remain focused on their main game…advising financial strategies. Most importantly, the electronic refinements that we have gradually introduced since launching LifeXpress benefit advisers in freeing up time to better service and address customers’ needs. And for customers, this means faster decisions on the acceptance of their application. In fact, almost all Zurich’s underwriting decisions have a 24-hour turnaround, irrespective of whether paper or an electronic application was submitted.”

 “Some advisers have told us they’re not always comfortable completing applications on behalf of their customers or that it’s overly time consuming,” continued Morgan.

“This is understandable, particularly when it comes to medical-style questions, which are outside of their field of expertise. That’s why we’ve made life simple for advisers. They can opt to use a paper-based or e-application. They can also use our tele-underwriting service. They may even commence the full application process and then swap to using the tele-underwriting service at any stage through the process. Zurich’s tele-underwriting service then gathers additional information, such as the technical medical questions, from the customer.”

Zurich led the way in Australia in tele-underwriting, first introducing the service following a successful pilot in 2005. It now offers an easy way to do business. The tele-underwriting service can save up to four hours of administration time for each customer. That’s time better spent providing financial strategies and advice to customers.” Currently more than 20 per cent of all applications use tele-underwriting services. Enhancements to Zurich’s products include: • higher levels of TPD cover for business people • new double trauma option • substantial improvements to income replacement and business expenses covers. • new Insured child option – up to $200,000 of death cover, terminal illness and trauma benefits.

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