Telstra has revealed the addition of almost one million new mobile services in the six months to December 2011, but Sensis revenues plummeted 24 percent in 12 months.
An automated application and underwriting process has allowed the Commonwealth Bank's insurance arm to streamline life policy sales through financial advisors.
CommInsure, the insurance company within the Commonwealth Bank group, has adopted Allfinanz's WriteAway software to speed the processing of life insurance proposals.
"Our advisers have previously relied exclusively on paper forms for life insurance applications, which were unwieldy and added unnecessary delay to the underwriting process" said Todd Kardash, head of adviser distribution at CommInsure.
"Now, thanks to the sophistication of the WriteAway software and the comprehensive nature of our underwriting rules engine, our clients experience application to policy decision in minutes, not weeks."
The software is integrated with more than a dozen existing systems, yet the rules it operates under can be easily tuned by underwriters.
The application process is streamlined as WriteAway is smart enough to ask only those questions that are relevant in the light of previous answers. This means an application can be completed in as little as 20 minutes.
If the customer doesn't have all the required information at hand, the application can be put on hold and resumed later - just like filling in a paper form.
And the time savings don't end when the application is lodged. "Our underwriting solution has dramatically reduced the amount of time it takes to process a new piece of business. Approximately 30% of our online life insurance applications are now accepted and underwritten without the need for further client contact," said Kardash.
David Bass
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