Fund Manager IOOF has announced a new online insurance facility, IOOF Insurance Online, for clients investing in its superannuation platforms.
Utilising TOWER Australia’s online insurance products, technology and expertise, superannuation clients within the IOOF Portfolio Service and the IOOF Pursuit platform can now propose for new insurance cover and/or make changes to existing cover levels.
The online package includes straight through processing of the proposal for speedier underwriting decisions, with advisers also able to access online functionality to enable them to track the progress of the proposal through the new business and underwriting processes.
Commenting on this initiative, Nick Everingham, Head of Product and Marketing at IOOF, said “By submitting applications online, IOOF can now offer a more streamlined process for advisers with the ultimate benefit being cost and time savings - significantly reducing the ‘hassle-factor’ of insurance applications.”
From TOWER Australia’s perspective, Head of Group Life, Andrew Boldeman, said insurance cover through superannuation was an option that suited a large number of Australians and was a strongly growing market:
“For many Australians, putting insurance in super is the best and most tax efficient way to protect themselves and their families,” said Mr Boldeman, who added, “This online solution makes it more readily usable for those who choose this way to manage and protect their wealth.”
