AMP pilots automated underwriting tool for planners
By Liam Egan
AMP is piloting an automated risk insurance underwriting program, EasyWrite, for distribution later this year among both AMP planners and affiliated independent financial planners.
EasyWrite is an “underwriting engine that makes underwriting easier for planners by eliminating the need for them to be fully versed in all of the nuances of underwriting”, AMP head of business development and marketing, life insurance, Chris Kirby said.
Kirby said the software program automatically assesses client risk for standard life insurance applicants on behalf of a planner, without the need for the application to be forwarded to an underwriter for its decision.
It is also reduces the time required to process applications for non-standard lives, where a risk assessment decision is required by an underwriter.
Kirby said EasyWrite is based on significant research in the US and UK markets, where electronic and tele-based underwriting is “now becoming a business-as-usual model”.
He added that the “key to closing the under-insurance gap in Australia lies in investing in technologies that will support the planner in making underwriting easier”.
“In turn, this will drive planner behaviour toward writing higher levels of risk and removing many of their objections when it comes to the complexities of underwriting.”
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