News that TAL is introducing simplified underwriting intended to reduce medical test requirements drew strong interest this week…
TAL is introducing simplified underwriting that reduces medical test requirements for new Life, TPD and IP insurance applications.
The insurer says the underwriting changes include:
- Life and TPD: Customers aged 49 and younger can now apply for up to $2 million in cover without mandatory medical tests (increased from $1.5 million)
- Income Protection: Customers aged 44 and younger can now apply for up to $15,000 per month cover without mandatory medical tests (increased from $12,500 per month)
- Reduced testing: TAL has removed some mandatory tests for larger sums insured to further simplify underwriting
It says that as a result of the changes nearly 45% fewer new customers will need to undertake a mandatory medical test when they apply for cover through an adviser or directly from TAL. Similar changes were made in July for Australians purchasing additional insurance through their super fund. On average, these test results take more than a week.
TAL General Manager, Performance, Portfolio Management and Underwriting, Liesje Jansen van Rensburg, says the company’s ambition is to make underwriting as quick and simple as possible, noting that a more streamlined underwriting process saves customers and advisers time and makes it easier to do business with the insurer.
“We’re using data and insights combined with expertise from TAL’s Health Services team to make underwriting more efficient. These changes mean we’ll continue to ask the right questions to appropriately manage risk, price our products fairly, and ensure we’re here to support all our customers and partners over the long term.”
Gavin Teichner, TAL Chief Executive – Individual Life, says the changes reflect TAL’s focus on being a good partner and supporter of financial advisers, as well as helping more Australians access the value of protection that life insurance provides.
…Making it easier and faster for advisers to do business with us is crucial to ensuring risk advice is sustainable…
“Making it easier and faster for advisers to do business with us is crucial to ensuring risk advice is sustainable, and more Australians can access the guidance and advice they need.”
He points to being a good life insurance partner for advisers “…means improving the end-to-end customer experience from faster underwriting and onboarding to offering relevant … products and services.”
“It also means making it easier for advisers to quote and write risk and engage with their clients around life insurance. Most importantly, we continue to focus on how we price risk so that it is fair and sustainable for all TAL customers, for life.”
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