Aviva today announced it would complete the rollout of its signature-free online underwriting platform, Riskfirst, to over 4,000 advisers on 5 June, enabling dramatically faster completion of life insurance policies nationally.
Aviva today announced it would complete the rollout of its signature-free online underwriting platform, Riskfirst, to over 4,000 advisers on 5 June, enabling dramatically faster completion of life insurance policies nationally.
The rollout follows a trial of key adviser groups, which was so successful that in the final week of the trial 18% of all new business was submitted via Riskfirst.
Around 50% of surveyed advisers completed a signature-free online application form in less than 30 minutes compared with only 6% who used paper-based submissions. All advisers completed an online application form in less than one hour.
The whole online process is so intuitive that only minimal training was required for the advisers who took part in the trial.
Chantelle Kidd, a leading industry adviser with Matrix Planning Solutions, was one of the advisers who took part in the trial. Chantelle said "Underwritten policies can be issued immediately on completion of the online form. Speeding up the process benefits the relationship I have with my clients because it means I have the capability to provide them with life insurance coverage on the spot. The new interface has improved my business turnaround by 30%."
Allan Griffiths, CEO Aviva Australia, said that while other insurers are offering versions of online underwriting, Aviva's platform is the first to allow a policy to be issued with no signatures. The option still exists to print out the application form for a signature if advisers prefer this process.
"By enabling signature-free applications we've thrown out the rule book on how the life insurance industry usually operates," he said. "Bringing life insurance into the 21st century will make it economic for advisers to make real inroads into underinsurance."
"The online platform integrates with Aviva's existing illustration software which reduces the need for training. This provides a seamless click through from the illustration to policy completion and underwriting. Policies can be immediately underwritten and issued by email," Allan said.
"This can cut weeks off the application process and reduce delays to adviser remuneration."
More than 4,000 advisers have automatic access to the platform from 5 June. In addition, 10,000 advisers have access to it via Aviva's Navigator platform.
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For further information please contact:
Tim Cobb
General Manager Marketing and Public Relations
Phone: (03) 9829 8509
Mobile: 0418 529 387
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
- Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2005.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
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