ING enables electronic insurance applications
ING has made access to its OneCare insurance product range easier for both financial planners and their clients by allowing application to be generated electronically via desktop software.
ING head of marketing and retail products Mark Vilo said: “These improvements are making our insurance underwriting more efficient, ensuring applications can progress as smoothly and as quickly as possible.”
The electronic applications can be made through the use of ING’s Dynamic Application software and makes the process simpler from the start by generating an application form with the client’s personal details, and policy, payment and beneficiary information included.
In addition, the electronic tool automatically eliminates irrelevant questions from the process through the built-in ability to differentiate between male and female clients and the necessary cover types and sum insured levels.
ING estimates the software can cut paperwork normally associated with the insurance submissions process by two-thirds.
The financial services firm is also hoping the new initiative will go some way to solving the underinsurance issue across the nation by making the application process less complicated and daunting for clients.
The Dynamic Application software is currently being used by over 5,000 financial planners in the marketplace.
Recommended for you
The Federal Court has dismissed a conflicted remuneration case brought by ASIC against the director of life insurance distributor Freedom Group, where Bali holidays and Vespa purchases were among sales incentives.
Policy and advocacy specialist Benjamin Marshan has left the Council of Australian Life Insurers after less than a year, having joined in March from the Financial Planning Association of Australia.
The declining volume of risk advisers meant KPMG has found a rising lapse rate for insurance policies arranged by independent financial advisers, particularly in the TPD and death cover space.
The Life Insurance Code of Practice has transferred from the Financial Services Council to the Council of Australian Life Insurers.
