Next Generation Of Electronic Underwriting
Pinnacle Life launches next generation of electronic underwriting
14 November 2007
Pinnacle Life today launched a next generation version of its electronic underwriting that should see a higher number of first-time applicants issued with immediate life cover.
Pinnacle Life first launched its direct-to-consumer life insurance with electronic underwriting in May 2007. The buying process from application to issuing the policy is fully automated, with consumers receiving their policies instantly online. Visitors to the website are led through a series of typical insurance underwriting questions covering their health, lifestyle, occupation and pastimes. Those with no indicated health issues are covered instantly and receive their policy document electronically. “To date, applications have exceeded expectations” according to Steve de Jong, a partner at Pinnacle Life.
The upgraded website boasts an increased range of second-tier questions that get asked if certain primary health conditions are indicated during the application process.
The new software automatically assesses mortality risk and automatically applies loadings or exclusions to a policy without human involvement in order to provide instant cover.
The entire 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.
Pinnacle Life Partner, Ed Saul, said, “We’ve been working on this new release with our reinsurer, Hannover Re for several months now and we have high expectations it will enable us to offer instant cover to a higher proportion of applicants”. “Our market is the internet-savvy ‘Generation C’ and the estimated 1.3 million New Zealanders who now buy online (source: Nielsen NetRatings).”