Zurich plugs into AppCentral
In an effort to reduce delays and improve efficiencies for financial advisers, Zurich Financial Services Australia has become the first life office to fully integrate its application process with an online multi-insurer application service that requires the completion of only one form.
The web-based facility, Iress Insurance’s AppCentral, allows advisers to electronically complete and submit life insurance proposals across multiple insurers using one application.
Zurich has fully configured the software to its own life insurance application requirements, which, according to Zurich head of life risk insurance Andrew McKee, is in response to the evolving needs of advisers.
“With the country’s underinsurance crisis a major concern, this service is an important step in Zurich’s journey to simplify its new business processing and make its insurance products more accessible to Australians,” he said.
“Through AppCentral, Zurich will be able to provide advisers and clients with the ability to apply for life insurance online, reducing turnaround times and streamlining the new business process.”
Iress product manager Cameron McPherson explained that the software used the Generic Personal Statement as its basis but could also tailor applications to meet the requirements of individual insurance companies.
“What we base the application on is the Generic Personal Statement, which there are a lot of supporters of, but every insurer requires further things that need to be done as far as the application goes,” he explained.
“For Zurich, we have actually fully customised its entire application, so from end to end a user using our software can complete the entire Zurich application online.”
McPherson said Iress aimed to have more insurance providers customised within the software in the near future, with many already showing an interest.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
Count Gold Coast, an equity partner of Count, has entered into binding agreements to acquire clients of two accounting businesses, providing new opportunities for its financial advisers.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
