November 27, 2018
CommInsure has made a number of enhancements to its policy application tool including the launch of Alternative Terms and updates to its client management system.
Under the enhancements to the MyApply tool, underwriting rules will capture additional client information upfront during the application process resulting in more same-day cover on either Standard or Alternative Terms.
While the application process will remain relatively unchanged, according to CommInsure, three options will now be provided when an application is submitted – Approved, Alternative Terms or Referred.
If accepted, the Approved or Alternative Terms options will mean cover can go into effect immediately, and a policy detailing the relevant policy terms will be generated immediately.
Advisers may still refer an application to underwriting if further assessment is preferred but the application will be delayed until the completion of the assessment.
The changes will be applicable from 26 November 2018 and also include an update to the Customer Portfolio Manager (CPM) which has been renamed as MyClient. The update includes new upload and download functionality, and new fields including ‘waiting period’ and ‘benefit period’ have been added to the tool.
The enhancements follow updates to CommInsure’s quoting and application tools which took place with the roll-out of the UnderwriteMe rules engine in April 2018 (see: CommInsure Partners With UnderwriteMe on New Application Process) and further information on the changes and how advisers can use them is available via the insurer’s adviser portal.