Locally-regulated reinsurer, Pacific Life Re, has initiated the soft launch in Australia of a new underwriting and new business comparison service that it says has the capacity to transform Australia’s life insurance industry.
Called UnderwriteMe, this product takes the form of both a next generation Underwriting Rules Engine as well as a comparison service which uses a single set of underwriting questions to deliver to the adviser quotes from various insurers which include the full underwriting decisions. The output includes a ‘buy now’ capability and includes any loadings and/or exclusions applied by each of the insurers on the system.
Following the success of the service in the UK market, UnderwriteMe has now opened an operation in Sydney and has begun exploring opportunities in the Australian life insurance market.
…this new service is a contrast to … the ‘old school’ way of doing things
According to Pacific Life Re’s Australian Head of Marketing, Ilan Leas, this new service is a contrast to what he refers to as the ‘old school’ way of doing things, such as the adviser having to go through a full underwriting application or pre-assessment at a number of companies in order to get the best underwriting decision for his/her client.
Leas related to riskinfo the success of the service in the UK market: “By transforming the life insurance sales process, UnderwriteMe’s insurance partners in the UK have been able to improve their service to advisers and consequently increase their new business sales,” he said, adding that in the last 24 months, UnderwriteMe has seen nine installations of this service in the UK across both life companies and distributors.
Isobel Langton, CEO of UK insurer Royal London’s Intermediary Division, has noted, “Engaging with innovation technology like UnderwriteMe has helped to transform our new business process. We’ve seen a 30% increase in business and feedback from advisers has been extremely positive, with many telling us how they find the system quick, easy and efficient which frees up their time to focus on clients.”
UnderwriteMe was demonstrated to delegates at last weeks’ Australasian Underwriting and Claims Association (ALUCA) Conference in Adelaide, with a view to developing support and participation by Australian insurers and distributors in this new service.
