Zurich unveils Internet risk service
Zurich Financial Services has launched a new web accessible risk software product that allows planners to access premium quotations on the Internet.
The risk quotation service, dubbed Zurich Risk Illustrator, has the main advantage of letting planners calculate premium quotes when they’re out of the office, and also works well with external risk advisory software products, according to strategic marketing manager Mark Fabris.
“The new technology in the tool makes navigation better . . . if you’re working with Proplanner for example you can just throw a client’s details into the quote software, thereby saving re-keying of basic information.”
Fabris said the software was developed in-house by Zurich to allow continuous improvements.
The new software program is also available to advisers on CD, and contains several product enhancements that went live on April 1 this year.
Such features include a simple ‘tick box’ child cover option that does not require underwriting, trauma reinstatement that enables someone who has suffered an illness or accident to reclaim their cover a year later if they are unfortunate enough to suffer another mishap, and more flexible products that allow people who combine different types of cover to have more term and permanent disability insurance than they do life insurance.
“In the last few years we’ve seen a few companies bring out a child trauma type benefit with little success, commonly because you have to do some underwriting and it’s a difficult topic to broach with clients.”
“It’s a bit tricky and a bit of work without much revenue return for the adviser.”
“So we’ve tried to make it simpler, so it’s only a tick box, with no underwriting required.”
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
