Following the successful trial of its signature-free online underwriting platform Riskfirst in Australia, general insurer Aviva has announced that it will complete the rollout of the service to more than 4,000 advisers nationally on June 5, 2007, enabling faster completion of life insurance policies.
The rollout follows a trial of key adviser groups, which was so successful that in the final week of the trial, 18% of all new business was submitted via Riskfirst.
In addition, approximately 50% of surveyed advisers completed a signature-free online application form in less than 30 minutes, compared to 6% who used paper-based submissions.
Only minimal training was required for the advisers who participated in the trial, as the whole online process has been designed to be simple and easy.
Allan Griffiths, CEO Aviva Australia, said that while other insurers are offering versions of online underwriting, Aviva’s platform is the first to allow a policy to be issued with no signatures. The option still exists to print out the application form for a signature if advisers prefer this process.
The online platform integrates with Aviva’s existing illustration software which reduces the need for training. This provides a seamless click through from the illustration to policy completion and underwriting. Policies can be immediately underwritten and issued by email, Allan Griffiths said.
This can cut weeks off the application process and reduce delays to adviser remuneration, he added.
From June 5, 2007, more than 4,000 advisers will have automatic access to the platform, while an additional 10,000 advisers will have access to it via Aviva’s Navigator platform.