MetLife Australia and superannuation fund Prime Super have announced the launch of a new online insurance application for Prime Super members.
The eApplication, developed by MetLife, is intended to provide members with a smart, secure submission process, which will instantly confirm whether the members’ application has been successful, and how much their increased cover will cost.
Marc Lieberman, CEO of MetLife Australia, said that the “smart” underwriting engine that supports the eApplication uses reflexive questions to streamline the application process:
“Over sixty percent of the traditional paper application was removed to ensure we only ask the questions needed to properly assess a member’s risk. The online application is one of the core elements of our etoolkit for clients,” said Mr Lieberman.
… insurance is an important element of our members’ superannuation
“We believe insurance is an important element of our members’ superannuation,” said Lachlan Baird, CEO of Prime Super. “We’ve worked closely with MetLife to substantially increase the insurance benefits for our members.
“The online application is the next step towards making it as easy as possible for our members to apply for additional cover to ensure that they have adequate insurance protection to meet their individual needs.”
This latest announcement from MetLife and Prime Super follows the publication of Rice Warner’s Group Insurance Market Report, which found that 42% of industry and public sector fund members and 32% of employer master trust members have access to online applications, indicating a significant trend towards the provision of automated underwriting services by group insurers.
