Zurich Financial Services Australians joins MLC, CommInsure and HSBC in adopting UnderwriteMe’s Underwriting Rules Engine (URE), powered by Pacific Life Re, as it undergoes an overhaul and rebrand of its adviser-facing portal.
The rules engine uses a database in excess of 600 rules covering more than 6,000 medical conditions and allows users to modify or create new rules with the latest insight without coding or IT support.
Pacific Life Re Australia’s managing director, Andrew Gill, said the system’s intuiting application system would simplify the sales journey and deliver higher straight-through acceptance rates for Zurich’s customers.
UnderwriteMe director of business development Asia and Australia, Rakesh Kaul, said the quick turnaround times, increase conversion rates and valuable business insights would set Zurich up on a continued to path to growth.
The rules might well be one of the biggest innovations in the life insurance industry to date and would mean customers would be asked fewer and more relevant questions and get a more accurate assessment of their risk in a quicker timeframe.
The Australian financial services firms adopting the engine also join the nine insurers in the UK and Ireland that have taken up the solution in the past three years.