Australia: Aviva simplifies underwriting

Aviva Australia today announced that it has enhanced its insurance offering with several significant improvements to medical and financial underwriting requirements.

Aviva Australia today announced that it has enhanced its insurance offering with several significant improvements to medical and financial underwriting requirements.

Aviva will lead the way by reducing their financial underwriting requirements and removing the need for advisers to provide an accountant's signature. This will apply regardless of the sum insured. 

Where the sum insured is less than A$3 million, cover can now be completed with only a copy of the Statement of Advice prepared by the adviser as part of the recommendation for the cover. Where the cover is greater than A$3 million, Aviva may ask for some additional supporting evidence but the need for an accountant's signature has been removed in all cases.

Natalie Eckersall, general manager - wealth protection products, said: "We recognise that the adviser conducts a thorough review of the client's financial situation in order to recommend an appropriate level of cover and therefore has a better understanding of the need for the insurance than the accountant. By recognising this, and relying on the expertise and professionalism of advisers, we have been able to speed up the overall process for clients and advisers."

For clients aged 45 years or under, Aviva will provide cover of up to A$2.5 million for total and permanent disability (TPD) and life insurance by only providing a personal statement.

Taking the changes one step further, clients aged from 46 to 55 years will also benefit from the recent enhancements with cover of up to A$1 million for TPD, life insurance and critical illness available by only providing a personal statement.

Ms Eckersall said that the new enhancements benefit both advisers and their clients.

"By reducing the need for some of the mandatory medical requirements that currently accompany higher sum insured cases, we are generally able to complete these cases within 48 hours. These improvements are making it dramatically quicker for advisers to arrange cover for clients.

"From May 16, these new limits will also be available in our market leading online underwriting platform, Riskfirst. Where advisers choose to submit these cases using Riskfirst, they can be immediately accepted," said Ms Eckersall. 

From May 1, for every application submitted via Aviva's Riskfirst platform, A$1 will be donated to Aviva's flagship charity, Camp Quality. Camp Quality is a non-profit organisation committed to children and families living with cancer and their ongoing support programs.


Tim Cobb
General Manager Marketing and Public Relations
Phone: (03) 9829 8509
Mobile: 0418 529 387

Notes to editors:

About Aviva
We are the Australian face of the global Aviva group - a world leader in financial services.

Aviva is the world's fifth-largest insurance group and the largest insurance services provider in the United Kingdom. We are the leading provider of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, the USA and Australia.

We have premium income and investment sales of A$103.35 billion and A$764.66 billion of assets under management. Our 59,000 employees serve over 40 million customers.

Aviva has over 150 years of continuous operation in Australia, where our main activities are life insurance, investments and superannuation.

Aviva's consistent record of innovation in the financial planning market dates back to the early 1990s when its Navigator technology and platform first allowed a range of investments to be consolidated into one portfolio. Today, Aviva continues to lead the industry with award-winning wealth creation and wealth protection products.

Together with Portfolio Partners, a funds management company which is also part of the Aviva group, we manage or administer more than A$27 billion in funds for more than 300,000 customers.
*Figures quoted are at 31 December 2007 and in Australian dollars.

This news release has been provided on the basis that it is only for the information and exclusive use of the particular person to whom it is provided by Aviva (Aviva Australia Holdings Limited ABN 38 095 045 784 and its related companies). While Aviva believes the information in this news release is accurate which in some cases has been provided to us by third parties, Aviva is not making any representation as to the accuracy, reliability or completeness of the information in the news release. Neither Aviva, nor its directors, officers or employees will have any liability to you or any persons resulting from your use of the information in this news release.

The information in this news release is of a general nature and has been prepared without taking into account any person's particular investment objectives, financial situation or particular needs. Applications to invest in a financial product issued by any company within the Aviva group must be made by completing the application form attached to or accompanying the applicable Product Disclosure Statement which is available from Aviva or your financial adviser. Aviva does not receive any remuneration in relation to the provision of the information available from this news release which is of a general nature only.

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