TOWER Australia’s national roadshows are in full swing as the insurer unveils its new Accelerated Protection, end to end, online insurance solution.
The key focus for TOWER … is its end to end service delivery
The key focus for TOWER in differentiating its offer to advisers and clients is its end to end service delivery: “We want to be the leading service provider in the industry,” said TOWER CEO of Retail Life, Brett Clark.
Accelerated Protection has been designed as a product and service platform that leverages the best elements of TOWER’s three existing product ranges with a leading edge service proposition.
To achieve the service outcomes it seeks, Head of Offer Strategy, Retail, Brett Yardley, told advisers that TOWER had looked at world’s best practice within the life insurance industry, particularly in the UK, and re-built its new business and underwriting services in a way that would maximise speed and efficiency.
While the product changes have been in relation to combining the key components of the existing product lines, the key initiatives in terms of service delivery include:
Introduction of a new ‘tele-interview’ service
- Ability for the adviser/paraplanner to complete the online application out of order, meaning any information that may not be available at time of completion can be added later, prior to submission, without stopping the rest of the proposal from being completed
- Ability to propose multiple lives across multiple policies within the Accelerated Protection online application process
- Introduction of a new ‘tele-interview’ service, which allows the adviser to request that a TOWER underwriter complete the full personal statement with the client by telephone
- Availability of ’tele-underwriting’ process for both online and hard copy applications, focusing on specific medical questions in order to avoid needing to request medical reports from client’s doctor
In addition to the ‘end to end’ service delivery focus, TOWER’s Head of Retail Distribution, Patrick O’Connor, also positioned his company’s new insurance solution in terms of how it can lead to greater bottom line profitability for the adviser’s practice.
According to Mr O’Connor, increased business value can be achieved through using Accelerated Protection by:
- Increased revenue due to fewer policies being ‘not taken up’ as a result of achieving underwriting decisions much quicker (TOWER maintaining its mantra of achieving 85% of underwriting decisions in three days or less)
- Reduced expenses due to less time being spent by advisers and support staff in placing a business case ‘on the books’
- Improved cash flow - advisers receiving commission payments much quicker, due to the new business and underwriting processes being completed in a much reduced time frame
Mr Clark said Accelerated Protection is intended to represent the next generation in life insurance, offering a new-look, ‘customer-centric’ brand, that is “…trusted, secure and relevant to all Australians.”
Mr Clark added that over time, TOWER will be looking to replicate its new front end processes to other parts of the business, including its policy services and claims divisions.
The new platform has been piloted over recent months and will be opened to general release from 2 November 2009.
