Pinnacle Life brings insurance into digital age

Tuesday, 15 May 2007, 1:18 pm
Press Release: Pinnacle

FOR IMMEDIATE RELEASE

Pinnacle Life brings life insurance into the digital age: world-first web site offers immediate online cover with electronic underwriting

Life insurance joins travel, books and music as latest online commodity, targeting 1.3 million Kiwi online shoppers

AUCKLAND 15 May 2007 - New Zealand’s leading life insurance specialist, Pinnacle Life, today launches the first web site in the world, https://www.pinnaclelife.co.nz, that allows consumers to buy immediate life insurance cover online backed up by electronic underwriting.

Pinnacle Life Senor Partner and architect of the new venture, Ed Saul, said, “We’re giving consumers a quicker and easier way to buy life insurance. Instead of submitting an application form and waiting days for a policy to be approved and issued, we do it online and we do it immediately.”

“The revolutionary website gives consumers complete control over the buying process whilst eliminating the previously obligatory involvement of people and paper. This is a global test case eagerly watched by the insurance industry around the world.”

The Pinnacle Life website (https://www.pinnaclelife.co.nz) and the associated ‘Life Insurance Blog’ (http://blog.pinnaclelife.co.nz) are the first NZ life insurance offerings that specifically target the Internet-savvy ‘Generation C’ and the estimated 1.3 million New Zealanders who now buy online (source: Nielsen NetRatings).

The online cover is available to New Zealanders, but not exclusively to those domiciled in New Zealand itself. Kiwis in seven other countries are eligible to apply, including the UK, Ireland, Canada, Australia, Hong Kong, Singapore and the USA.

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Note to Editors

The entire process from application to policy approval is fully electronic with consumers receiving their policies online, instantly. Visitors to the simple e-fulfillment site are greeted by a crisp, intuitive interface, which leads them through a series of typical insurance questions regarding age, health and occupation.

The process takes less than ten minutes, by the end of which full and immediate cover up to $500,000 is granted without the need for a medical examination, unless certain specific conditions are highlighted. After processing the transaction online, the site generates an automatic email with the attached policy document.

More information at https://www.pinnaclelife.co.nz, with ‘The Life Insurance Blog’ available at: http://blog.pinnaclelife.co.nz.

ENDS

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