Zurich is focussing on creating time-saving efficiencies for advisers and their clients as well as maintaining product pricing and quality competitiveness.
These were the key messages stemming from Zurich’s 2010 Life Risk product and services roadshows, which will be completed this week.
One of the key points delivered to advisers at the roadshows has centred on improved efficiencies across Zurich’s LifeXpress software platform, in three main areas:
- Quotations
- Electronic application lodgements
- Automatic underwriting
Zurich has focussed on the value of its in-house tele-underwriting service, which it says can allow advisers to save up to four hours of administration time for each customer.
The company reports that more than 20% of all applications it receives now use the company’s tele-underwriting services, and that around 2,500 applications have been submitted via tele-underwriting in the last twelve months.
Colin Morgan, Zurich’s General Manager - Life Risk Australia, said, “This year’s enhancements provide financial advisers the ability to remain focused on their main game…advising financial strategies.”
… almost all Zurich’s underwriting decisions have a 24-hour turnaround
Mr Morgan also commented that almost all Zurich’s underwriting decisions have a 24-hour turnaround, irrespective of whether submitted by paper or via electronic application.
Most of the focus on the product changes made by Zurich in this upgrade has been on trauma and income protection insurance, especially for business insurance clients, where key changes include:
- Higher levels of TPD cover for business people
- A new double trauma insurance option (similar to the existing double TPD option)
- Substantial improvements to income replacement and business expenses covers, including the introduction of a ‘10 Hour’ time-based qualifying benefit option under the income replacement definition
- New Insured child option - up to $200,000 of death cover, terminal illness and trauma benefits
- ‘Future proofing’ trauma definitions against ongoing advancements in medicine
- Ability to now combine stepped and level premium policies to achieve a larger sum insured discount
- Confirmation of no premium rates changes
