AIA Australia is set to launch a new electronic application form that will simplify the underwriting process for its group insurance partners and their members.
The application, entitled LIFEapp, will enable members to get up to $1 million worth of death and total and permanent disablement (TPD) cover and up to $8000 of salary continuance cover by answering a shortened electronic form of ten questions.
"We wanted to tailor a solution for our group insurance partners to develop a much more simplified form. Our research shows that it will cater for 95 per cent of members who apply for cover in a group insurance environment," AIA Australia chief distribution and marketing officer Damien Mu said.
The application includes a need analysis, which provides an outline of suitable cover and a quote for what that cover would cost. The member then continues onto the LIFEapp form and answers ten yes or no questions.
Mu said AIA Australia spent time analysing the risks of providing a shortened form.
"Through our research we determined the right questions to allow members to apply for the level of cover and at the same time made sure that those who shouldn't get through don't," he said.
AIA Australia is now working with its super partners to roll the application out to members in a phased process.
REST, Health Super, Maritime Super and LG Super are among AIA Australia's partners.
"In terms of being able to increase the take up of life insurance within the group space, it's about making it accessible, easy to understand and improving the customer experience," Mu said.
