March 5, 2019
New insurer, Integrity Life, has launched into the retail life insurance advice sector this week.
The launch of Integrity Life into the retail market follows what the insurer has referred to as a successful pilot program in which more than 50 specialist risk advisers worked in conjunction with it to help ‘co-create’ its new customer-focused life insurance proposition.
In a statement announcing its retail launch, Integrity Life noted its new proposition “…couples simplified value-for-money products with next generation technology”, and addresses the evolving retail life insurance needs of Australians in the post-Royal Commission era.
According to the insurer, its focus in developing its retail proposition has included working with its adviser partners to develop tailored insurance solutions focusing on innovation through new technology and better customer experience for both advisers and their clients. It says its new technology is intended to free advisers from the legacy constraints found elsewhere in the market and offers:
- Robust medical definitions
- A personalised claims process
- A life insurance experience that is respectful, transparent and fair
The insurer said its ‘co-creation’ pilot was the first of its kind in the industry, involving Integrity Life’s team working closely with advisers to understand then address their top frustrations when working with life insurers. Those top adviser frustrations/challenges, according to Integrity Life, included:
- A lack of transparency on product and price
- Opaqueness around product features, ancillary benefits and calculation of premiums
- Duplication of information in the application process
- Inefficiencies in navigating application forms
- Wasted time whenever the adviser needed to make changes to the application
With these issues in mind, the new Integrity products are intended have a clear modular design and new systems allowing advisers to quote with upfront certainty of price and outcome by using an integrated quote and pre-assessment tool on a platform that gives advisers access to client details anytime, anywhere and on any device.
Comparing its process with “…other typical successful on-line businesses,” the Integrity Life quote and pre-assessment platform includes a shopping cart icon that presents the premium breakdown of optional add-ons, loadings, exclusions, discounts and monthly or yearly premiums.
Integrity Life MD, Chris Powell, said his team had worked through a list of top adviser pain points to build Integrity from the ground up: “We heard from advisers that they want simplified processes and products, responsiveness, and value-for-money pricing.”
Powell used the example of Integrity Life’s integrated quote and pre-assessment tool, which allows advisers to immediately see if a client’s health conditions or pastimes result in a loading or exclusion and how these may impact their premiums.
“Integrity means doing the right thing, even when no one is watching,” said Powell, adding, “We have set ourselves a high benchmark with our name, and we are committed to exceeding it.”
Click here to access Integrity Life’s initial retail life insurance PDS for the Australian market.