CommInsure has reported it is experiencing a high volume of ‘auto accept’ new business cases that are being processed through its recently-launched WriteAway electronic application and smart underwriting system.
The insurer has reported that it is receiving 40% of all retail business through its WriteAway platform and that its underwriting rules engine is automatically accepting over 30% of these cases.
Todd Kardash, Head of Adviser Distribution at CommInsure, said these statistics, combined with the fact that CommInsure only declines 5% of all applications received (where he suggests that it is commonplace in the industry for 10-15% to be declined) clearly demonstrates CommInsure’s commitment to insuring more Australians.
the key benefit … is delivering productivity gains for advisers
CommInsure suggests the key benefit of automating the application and underwriting process is delivering productivity gains for advisers, meaning clients can be covered under the policy in minutes compared with processing times of up to six weeks for paper based applications.
The insurer also points out that its WriteAway platform is a true end to end system, i.e. it is fully integrated with CommInsure’s mainframe systems and applications do not touch a human hand from start to finish.
CommInsure suggests this compares with other systems available in the market which have an electronic front end only and then revert to manual processes which are open to errors, omissions and file loss.
