ING Australia is set to roll out life insurance software nationwide to financial advisers that can slash application processing time to just 15 minutes.
Desktop application OneCare Express enables planners to provide instant life cover for about 40 per cent of clients.
The software cuts the average time filling out a OneCare application form from 40 minutes to 20.
The application can be underwritten instantly and then lodged electronically with ING.
“OneCare Express is about providing advisers with tools to make life insurance applications and approvals a simple process and thereby giving the adviser more time to discuss requirements and appropriate cover with the client,” ING Australia head of life risk retail products said.
The software, which took six months to develop at a cost of more than $1 million, has been trialled by 400 ANZ financial planners.
The trial found 20 per cent of applications were “cleanskins”, needing no underwriting.
More complex applications were processed two weeks faster than traditional paper applications.
Queensland-based Professional Investment Services adviser Jason Churchill has used the software for four months, submitting 16 applications to the value of $44,000.
“It’s saved me a tremendous amount of time. It’s cutting down most appointments to almost half the time I actually spent previously,” Churchill said.
ING requires clients to sign a declaration for the cover to commence, therefore the process is not entirely paperless.
OneCare Express follows the launch of online insurance tools Riskfirst from Aviva and Allianz Life Plan.
