Partners to write business without underwriting
Partners Life has launched Fast App, an underwriting tool which it says will help close the under insurance gap in New Zealand and widen the customer base for advisers.
Tuesday, March 7th 2017, 12:26PM 
7 Comments
Fast App is designed to be a quick and easy way to get access to Partners Life’ s products without health underwriting at application, providing an opportunity to advisers to offer their services to a whole range of new clients who, until now, have typically not used advisers or indeed not taken any insurance.
Fast App is an alternative to the traditional underwriting process for life, disability, trauma and medical insurance and opens the door to comprehensive insurance products for people who choose not go through the traditional underwriting process and, as a result, miss out on the value that an adviser could bring them through offering not only comprehensive advice but also top of the range products.
Fast App does not assess the client’s health, participation in hazardous pastimes or travel intentions to dangerous places, at application. Fast App is available on all Partners Life personal and business products, the exact same products and benefits clients get if they are underwritten, and, at exactly the same premium.
Because there is no assessment of health at application, predictable claims are excluded (as they would typically be during the normal underwriting process). However, unlike traditional guaranteed acceptance products, where blanket exclusions exist for pre-existing conditions forever, Fast App utilises uniquely designed exclusions, intended to address predictable claims’ – claims arising from causes which could reasonably be predicted based on a life assured’s health profile, occupation, past-times and travel plans, which would normally excluded at the time of application.
Fast App exclusions for predictable claims will not apply to conditions first suffered before application where the pre-existence of the condition does not cause the claim. In addition and most importantly, the predictable claims exclusion will also not apply at claim time if the client’s health improves and the condition would have been covered if underwritten by Partners Life prior to the claim. Fast App clients get the benefit of improved health.
Fast App attempts, as far as possible, to replicate the outcome of an underwriting assessment up-front, without actually going through the full underwriting process at application.
"This really means we underwrite at claim time and clients should typically get similar claims results as if they were fully assessed at application time,." Partners Life general manager product, Steve Wright says.
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Comments from our readers
There is a real risk that this form will be misused by a few bad eggs to withhold exclusion information from customers. And all it takes is a few bag eggs to bring the entire industry into disrepute.
Incidentally I've seen the application form for the new Partners Life initiative and it contains several client acknowledgements, required to be signed, that they understand what they are buying and what will not be covered.
To RS, clearly you have no idea what you are talking about. Informed comments help our industry, ignorant nonsense does not.
As it happens I do, but thanks for your input, however misguided.
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Big gamble considering the cost of insurance these days.
My bet is that Partner's Claim declinature rates will skyrocket.