AIA Australia (AIA) says its new online group life insurance application, LIFEapp, has already seen over 800 applications lodged in its first few months of operation.
Launched in July 2010, LIFEapp is AIA’s online solution for group insurance business which incorporates a life insurance needs calculator, a quotation tool and the resulting online application.
The insurer reports that almost 50% of all LIFEapp applications submitted to date have been accepted without the need for further underwriting, and has published a comment from one superannuation member who has experienced and endorses this process:
“I have wanted to increase my insurance cover for a long time but was not keen, nor did I have the time to fill out forms. However, online took very little time and was submitted on the same day. I wanted to let management know what a wonderful idea online underwriting is.”
Commenting on these early results and feedback, Stephanie Phillips, Head of Group Insurance at AIA Australia, said, “… these results are extremely positive and an indication of how simple and easy LIFEapp is to use. We developed this technology to make applying for life insurance easier.”
… this validates technology as a key component to tackling Australia’s underinsurance issue
“We are now even more confident that this validates technology as a key component to tackling Australia’s underinsurance issue,” said Ms Phillips, who added, “It is clear to us that superfund members are happy to assess their needs and top-up their life insurance cover online.”
“Further education and awareness of such tools and the importance of insurance benefits inside super will go along way to assisting an increase of take up based on a members needs,” concluded Ms Phillips.
