ANZ Wealth unveils pre-assessment system


By Megan Tran

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ANZ Wealth has launched an automated pre-assessment system for its OneCare life insurance range, a move the company said was an industry-first initiative designed to save advisers’ time and improve the client experience.

Known as the OneCare Pre-Assessment Wizard, the new system eliminates up to 48 hours of waiting time from the pre-assessment process for obtaining life cover, identifying loadings and exclusions for pre-existing medical conditions in real-time.

Speaking to financialobserver, ANZ Wealth head of life insurance Gerard Kerr said client and adviser needs were constantly evolving as demand for digital functionality increased.

He believed insurers were putting greater efforts into underwriting to suit the changing climate.

“Our focus is to constantly enhance the end user experience, to make our underwriting processes easier, faster and more efficient,” Kerr said.

“ANZ Wealth’s Pre-Assessment Wizard is a good example of how innovation is improving the underwriting process, improving the speed of decision making and making it easier for clients to obtain the cover they need for the things that matter most to them.

“The tool’s real-time functionality sets it apart from other pre-assessment tools in the market, which are often just online forms that still require an underwriting team to manually process.”

Kerr said when using the system, advisers needed to ask their clients just a handful of medical questions to receive an immediate indicative assessment.

When information was unavailable, the system could still assume a best case scenario to provide an indicative result on the spot.

“Advisers who have trialled the tool said its ability to provide an immediate underwriting decision was having a real impact on client satisfaction and conversation rates,” he said.

The OneCare Pre-Assessment Wizard can be downloaded from the insurer’s website and used on PCs installed with Microsoft Outlook.

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