Asteron Life has moved to cut the time it takes to receive a signed medical authority for a client by having them opt to pass such information directly to the underwriter and adviser when it may be required.
The insurer said it had added an opt-in question which allows the underwriter and adviser to ask the client if they are willing to have medical information held by a third party, such as a doctor, released directly to Asteron Life.
According to Asteron Life it takes the insurer an average of 12 days for a signed medical authority to be received back from a client, and the inclusion of the question into its e-application should reduce the need to go back to the client for an extra requirement at a later date.
…it takes the insurer an average of 12 days for a signed medical authority to be received back from a client…
Asteron Life added the question has been placed under the Insurance History Details section of its electronic application system from 14 December 2015 and was only applicable if a report was required.
The electronic application system accounts for 74% of all Asteron Life submissions, of which 39% of submissions are tele-underwritten according to data gathered by the insurer in November 2015.
A further 40% of electronic applications that were not referred for tele-Underwriting were accepted by the Asteron Life’s Underwriting Rules Engine providing an immediate decision at point of sale while 42% of tele-underwritten cases had a decision made and relayed to the servicing adviser following an initial customer call.
