TOWER Australia says it has experienced ‘surprising’ results in the early take-up of its new online Accelerated Protection life insurance solution.
Since being made available for general release at the start of November 2009 (click here for background story), the number and type of submissions recveived by the insurer had been remarkable, according to TOWER’s Head of Distribution, Patrick OConnor.
Mr O’Connor said that when TOWER launched Accelerated Protection, the insurer was hoping for about 70% of all applications to be submitted electronically:
“This is actually quite high, when you compare it to our competitors who are mostly running in the 40% to 50% range. But with Accelerated Protection, the figure is closer to 90%. And in one week, we achieved 98%,” said Mr O’Connor.
“This is a remarkable outcome, and proof that advisers see the value of the technology and the process.”
