Automating life insurance underwriting

Peter Dinham
Monday, 18 May 2009 15:30

IT Industry - Deals

Business processing and underwriting automation software vendor, Allfinanz, has deployed an automated life insurance underwriting system for Australian financial services group, Asteron.


Allfinanz says its system has delivered new online tools to assist Asteron’s insurance advisers, and claims the automation “dramatically reduces” turnaround times for new insurance applications. The solution - based on Allfinanz’s underwriting engine - has been implemented for Asteron’s full range of Lifeguard life insurance products.

According to Alby van Wyk, director of sales and marketing at Allfinanz, life insurance products are typically sold via financial advisers, and involve the applicant providing detailed personal information as part of the application and underwriting process - and in some cases undergoing independent medical checks – but there is now an industry push to make this process easier and more customer friendly.

van Wyk says “the winds of change are blowing through the life insurance industry, with customers and advisers demanding faster underwriting decisions, and higher levels of service.”

Executive general manager of Asteron, John Crosswell, says the company is now achieving faster application turn-around times, with processes which are easier for both customers and advisers.

“Asteron is committed to delivering exceptional service to financial advisers and the end customer, so we are constantly striving to improve the process of applying for life insurance. Lifeguard EQ was a collaborative project between Asteron and Allfinanz, which has allowed us to leapfrog our competition.

Crosswell says that, in October 2007, Asteron initiated a project to streamline the business processes surrounding life insurance applications, across the broad range of the company’s Lifeguard life insurance products.
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