Australia: Aviva rolls out a signature-free online underwriting platform

Aviva has rolled out its online underwriting platform, Riskfirst, to key advisers around Australia offering totally signature-free applications. 

The new approach has already gained traction within key adviser groups, with Aviva receiving a number of signature-free applications within its first week. Riskfirst is scheduled for national roll out next month to all advisers.

While many insurers are offering versions of online underwriting, Aviva's platform is unique as it requires no signatures, although advisers can choose to receive a signed client declaration. It is also the only platform to complete business online immediately and issue policies on the spot. This is set to cut weeks off the application process and reduce delays to adviser remuneration.

All policies are immediately underwritten and issued by email. In addition, the online platform integrates with Aviva's existing illustration software which reduces the need for training. For the thousands of advisers that are already using Aviva's illustration software this provides a seamless click through from this illustration to policy completion and underwriting.

Commenting on the change, Sean Potter, group protection manager, said: "We took a look at the law, we took a look at the compliance of different industries, and we took a look at our business. We are confident that this platform complies with our legal requirements, and will help our advisers do business."

What didn't make sense was that in the general insurance industry, you can apply for cover and even claim without a signature, yet in life insurance you couldn't. We wanted to challenge the convention in the life insurance industry. We wanted to turn it on its head. In life insurance, advisers are involved in the process, whereas in general insurance they often are not. Surely that adds less risk, and adds a higher level of compliance to the process.

"We have a strong relationship with our advisers, and there is a high level of professionalism within the industry. You can't beat the ability to issue policy schedules on the spot. It just makes it all so easy, which at the end of the day, is what this business is all about. We believe that initiatives such as Riskfirst are a significant practical step in reducing under insurance," said Sean.

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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.
• The information in this document reflects Aviva Australia Holdings Limited (ABN 38 095 045 784) understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.