Following its transition to a new owner, OnePath says it is continuing to invest in its in-house underwriting engine.
Since its launch in November 2018 (see: OnePath Uses Big Data to Relaunch Underwriting System), OnePath says more than 70 enhancements have been made to its underwriting engine, based on internal and external feedback.
It adds that almost one thousand unique conditions have been selected by advisers from the catalogue of options, 900 of which are medical. It also reports that the top three medical conditions selected by advisers running quotes are:
- Image testing
- Vertebral disc-related issues
- Muscular back pain
A further 52 unique travel destinations and 41 unique pastimes were searched for using the engine, according to OnePath, with the United States, Indonesia and the UK accounting for the top three travel destination searches, while the three most common pastime searches have been:
- Dirt biking
These are all great statistics, which give perspective to the spectrum of issues confronting advisers on a regular basis as they navigate their clients through the new business and underwriting processes.
OnePath’s Chief Underwriter, Peter Tilocca, says the volume of enhancements reflects OnePath’s commitment to its usability and ongoing development as a leading-edge underwriting engine:
…almost two thousand advisers have now used the updated risk engine
“Two years ago, OnePath made the decision to develop its underwriting engine inhouse so it could ensure the dynamism of the engine and its adaptability to the needs of both advisers and customers,” said Tilocca, who also noted that almost two thousand advisers have now used the updated risk engine to research conditions and that OnePath expects this number to grow considerably over the next six months.
News of this additional investment into OnePath’s in-house underwriting engine serves to reinforce the policy articulated by new owner, Zurich, that it intends mainting a dual-brand strategy in the Australian market for the foreseeable future (see: ‘Business as Usual’ Message to Advisers…)