{"id":5231,"date":"2010-03-09T10:02:15","date_gmt":"2010-03-08T23:02:15","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=5231"},"modified":"2020-02-06T08:09:10","modified_gmt":"2020-02-05T21:09:10","slug":"zurich-productservice-upgrades-focus-on-time-saving","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/03\/09\/zurich-productservice-upgrades-focus-on-time-saving\/","title":{"rendered":"Zurich Product\/Service Upgrades &#8211; Focus on Time-Saving"},"content":{"rendered":"<p>Zurich is focussing\u00a0on creating time-saving efficiencies for advisers and their clients as well as maintaining product pricing and quality competitiveness.<\/p>\n<p>These were the key messages\u00a0stemming from Zurich&#8217;s 2010 Life Risk product and services roadshows, which will be completed this week.<\/p>\n<p><!--more-->One of the key points delivered to advisers\u00a0at the roadshows has centred on improved efficiencies across Zurich&#8217;s Life<em>Xpress<\/em> software platform, in three main areas:<\/p>\n<ul>\n<li>Quotations<\/li>\n<li>Electronic application lodgements<\/li>\n<li>Automatic underwriting<\/li>\n<\/ul>\n<p>Zurich has focussed on the value of its in-house tele-underwriting service, which it says can allow\u00a0advisers to save up to four hours of administration time for each customer.<\/p>\n<p>The company\u00a0reports that more than 20% of all applications it receives now use the company&#8217;s tele-underwriting services, and that around 2,500 applications have been submitted via tele-underwriting in the last twelve months.<\/p>\n<p><strong>Colin Morgan<\/strong>, Zurich&#8217;s General Manager &#8211; Life Risk Australia, said, &#8220;This year&#8217;s enhancements provide financial advisers the ability to remain focused on their main game&#8230;advising financial strategies.&#8221;<\/p>\n<h6>&#8230; almost all Zurich&#8217;s underwriting decisions have a 24-hour turnaround<\/h6>\n<p>Mr Morgan also commented that almost all Zurich&#8217;s underwriting decisions have a 24-hour turnaround, irrespective of whether submitted by paper or via electronic application.<\/p>\n<p>Most of the focus on the\u00a0product changes made by Zurich in this upgrade has been on trauma and income protection insurance, especially for business insurance clients, where key changes include:<\/p>\n<ul>\n<li>Higher levels of TPD cover for business people<\/li>\n<li>A new double trauma insurance option (similar to the existing double TPD option)<\/li>\n<li>Substantial improvements to income replacement and business expenses covers, including the introduction of a &#8217;10 Hour&#8217; time-based qualifying benefit option under the income replacement definition<\/li>\n<li>New Insured child option &#8211; up to $200,000 of death cover, terminal illness and trauma benefits<\/li>\n<li>&#8216;Future proofing&#8217; trauma definitions against ongoing advancements in medicine<\/li>\n<li>Ability to now combine stepped and level premium policies to achieve a larger sum insured discount<\/li>\n<li>Confirmation of no premium rates changes<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Zurich is focussing\u00a0on creating time-saving efficiencies for advisers and their clients as well as maintaining product pricing and quality competitiveness. These were the key messages\u00a0stemming from Zurich&#8217;s 2010 Life Risk product and services roadshows, which will be completed this week.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[],"class_list":["post-5231","post","type-post","status-publish","format-standard","category-products","category-technology"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=5231"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/5231\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=5231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=5231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=5231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}