The need for accountant signatures when applying for insurance will be scrapped in a bid by Aviva to simplify its underwriting requirements.
Aviva Australia has enhanced its insurance offering with several improvements to its medical and financial underwriting requirements.
The insurer has reduced its financial underwriting requirements by removing the need for advisers to provide an accountant’s signature, something that will apply regardless of the sum insured.
Where the sum insured is less than $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 $3 million, Aviva may ask for some additional supporting evidence but not an accountant’s signature.
For clients aged 45 years or under, Aviva will provide cover of up to $2.5 million for total and permanent disability (TPD) as well as life insurance by only providing a personal statement.
Clients aged from 46 to 55 years will now be able to sign up for $1 million of TPD, life insurance and critical illness cover by only providing a personal statement.
Aviva has also moved into the final phase of its quest for a worldwide brand, with Norwich Union (UK), Commercial Union Poland and Hibernian (Ireland) set to change their names to Aviva within the next two years.
The move to global branding is part of the company’s strategy to grow and transform the business to compete on a global scale.
Aviva group chief executive Andrew Moss said that the creation of a brand that is known across the globe is an important step in being recognised as a worldwide force in financial services.
Norwich Union, Commercial Union Poland and Hibernian are the last international Aviva companies that will change to the global brand, with Dutch insurer Delta Lloyd to retain its name.
In Australia, Aviva’s Portfolio Partners will change its name to Aviva Investors in September 2008.
