Zurich has announced it has experienced an 87 percent uplift in point of sale acceptance for applications submitted electronically via its Zurich Adviser Portal.
Characterising this development as ‘delivering results with a human touch’, the insurer notes that, while the process of underwriting has always been a crucial cog in the adviser/insurer relationship, modern perceptions of underwriting have shifted from being a standard ‘back office’ process to a real point of difference in an insurer’s full-service offering.
Most recently, Zurich cites the introduction of its Underwriting Rules Engine as providing what it says is innovative, tech-driven underwriting solutions to a growing volume of business submitted.
According to the insurer, since implementing its Zurich Adviser Portal and the UnderwriteMe rules engine in October 2018, its 87 per cent uplift in acceptance rates for electronic applications has seen a corresponding shift in adviser preference for electronic submissions over paper applications.
Zurich’s Chief Underwriting Officer, Tina Beilby says, “With the end to end advice process becoming more technology-driven, innovation directly relating to the underwriting is where insurers can deliver immediate efficiency gains for advisers and their practices.”
The insurer also notes that in improving the way its electronic underwriting system asks questions, this has delivered a more relevant and modern approach to disclosure capture, the result of which has reduced the strain on customers when completing their personal statement.
These changes include:
- The reduction of lifetime health questions from 26 to 17
- 13 medical history questions re-categorised from lifetime to the last five years
- The underwriting question set being more tailored to the benefits applied for (eg fewer questions for death only)
- Removal of minor medical conditions which have no underwriting impact
Beilby said Zurich has made 156 enhancements to its rules engine across 20 major deployments, with each update providing new opportunities to improve both the customer experience and point of sale decision.
