Financial services group AMP has launched an automatic underwriting service that it claims will cut the time needed to apply for lump sum insurance by more than half.
According to AMP, a customer will be able to complete a personal statement on the phone or online with their financial planner in about 10 minutes using the new short form functionality, easywrite.
AMP director of personal wealth protection Ken Lockery said customers with little or no disclosures can complete the personal statement in 10 minutes, unlike AMP’s previous 52-question form, which took about 35 minutes to complete.
“Customers applying for death cover are now asked a minimum of 10 medical questions and a minimum of 12 when total permanent disablement and trauma cover are added.
“Prior to the introduction of the short form functionality customers had to answer 52 questions,” he said.
Customers are asked only the questions relevant to their profile and the type of insurance they are applying for, according to Lockery, who said more than half of all AMP’s risk insurance applicants are now submitted via easywrite.
