IOOF has added an online insurance system to its superannuation platforms, which aims to save financial planners time and money.
The system, called IOOF Insurance Online, will send applications directly to the insurance underwriter and produces an automatic underwriting decision.
Advisers can also track the progress of applications online.
"By submitting applications online, IOOF can now offer a more streamlined process for advisers with the ultimate benefit being cost and time savings - significantly reducing the 'hassle-factor' of insurance applications," IOOF head of product and marketing Nick Everingham said.
Online insurance is available on IOOF Portfolio Service and the company's Pursuit platform.
Insurance cover through superannuation is a rapidly growing market, according to Tower Australia, which provided the system.
"For many Australians, putting insurance in super is the best and most tax efficient way to protect themselves and their families," Tower Australia head of group life Andrew Boldeman said.
"This online solution makes it more readily usable for those who choose this way to manage and protect their wealth."
The insurance system forms part of a wider online development program initiated by IOOF to help advisers increase insurance sales levels using web-based tools.
