Tower Australia is planning to upgrade its life insurance platform in November, including introducing an online application process to speed up the underwriting process.
The new platform, Accelerated Protection, will bring Tower’s three insurance products together under the one platform, as well as expand their underwriting process.
The new structure will allow advisers to complete an application online, or use a paper-based application.
Up to 30 per cent of applications never come into force because of delays in approving the application, according to Tower chief executive Brett Clark.
The new service will allow financial planners to write more business quickly, with clients not ending the application process because of frustration with delays, he said.
