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AMP accepting competitors' application forms

A universal life insurance application form is a step closer after one insurer’s announcement that it will accept some applications using competitors’ forms.

Tuesday, April 28th 2015, 6:00AM 3 Comments

by Susan Edmunds

AMP has introduced a new system that allows advisers to submit new lump sum business using other providers’ application forms.

AMP’s “linking forms” are designed to cut the time spent processing applications and reduce customers’ need to fill in multiple forms. There are no underwriting questions in the linking form.

It is being offered on Lifetrack and Risk Protection Plan lump sum products and is available for AIA, Asteron, Fidelity Life, One Path, Sovereign and Partners Life forms, not banks.

AMP head of individual wealth protection products Julian Sharplin said advisers had requested the ability to avoid application duplication.

“We've had positive feedback from advisers about how easy it is to use and how great it is we've addressed their feedback. We have been clear with advisers that this is a tool to make it easier for them and their clients to apply for cover with AMP and that it is important they continue to keep the customer at the heart of the advice process. It is not intended to be used as a ‘shopping tool’.”

Market commentator and former AIA and AIG boss David Whyte welcomed the move but said it was hard to see it being anything other than a tool to test the market.

He said advisers would go through the advice process with a client to determine what the best product in the market was, for them. “At that point, I can’t see why you’d submit an application to others unless you wanted to test the market for others offering better terms.”

Advisers with substandard life clients could use it to see if one provider would offer better underwriting terms than another, he said.

Sharplin said if more information was required than was submitted, AMP would follow its underwriting requirements process to achieve this.

“We believe this tool is market-leading as it requires a single-step process with just one simple form to complete. Linking Forms are available for advisers to download on AMP's Adviser Central webpage.”

Tags: AMP financial advisers Life insurance

« Advocates let advisers get on with business of advising: KellyHealth insurance claims hit $1 billion »

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Comments from our readers

On 28 April 2015 at 10:31 am Broker said:
Well this has made by day...for an insurer who needs everything on one of 'their' forms - client signed alterations, cancellations etc this makes me laugh...smells of desperation...
On 5 May 2015 at 1:15 am Goldstar said:
"Keeping the customer at the heart of the advice process" and placing a client's cover with AMP ... Does not compute?
On 6 May 2015 at 8:17 am billy the broker said:
Goldstar...how does in not compute?? Your comment intrigues me.

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