Zurich simplifies life insurance application process
Zurich Financial Services Australia has announced a number of life risk enhancements, starting March 1, which the company said would cut up to four hours off administration time for some applications.
Zurich’s latest annual enhancements review included improvements to existing products for customers as well as practical support for financial advisers in the speed and flexibility of administrating applications, the company said.
Zurich has also upgraded its LifeXpress software with refinements suggested by advisers covering quoting, electronic lodgement and auto underwriting.
“The electronic refinements that we have gradually introduced since launching LifeXpress benefit advisers in freeing up time to better service and address customers’ needs. And for customers, this means faster decisions on the acceptance of their application,” said Colin Morgan, general manager of Life Risk Australia.
“In fact, almost all Zurich’s underwriting decisions have a 24-hour turnaround, irrespective of whether paper or an electronic application was submitted.”
Advisers can opt to use a paper-based or e-application, use the tele-underwriting service or even swap to using the tele-underwriting service at any stage through the application process, Morgan said. Zurich’s tele-underwriting service then gathers additional information, such as technical medical questions, from the customer.
Other enhancements to Zurich’s products include higher levels of total and permanent disability cover for business people, a new double trauma option, improvements to income replacement and business expenses cover and a new insured child option, the company said.
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.
