tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, July 15th, 6:05PM

Insurance

rss
Latest Headlines

Accuro launches online application tool

Accuro’s new automated underwriting tool, available via Quotemonster and its own website, is believed to be one of the first in the world.

Friday, June 9th 2017, 6:00AM 4 Comments

by Susan Edmunds

Geoff Annals, Accuro chief executive

The “intelligent underwriting” capability is something that Accuro has been working on for some time.  It was made available this week.

Russell Hutchinson, director of Quality Product Research, which runs Quotemonster, said it was the first time a fully underwritten application for health insurance could be completed online.

He said he expected to see advisers “turn the device around and hand it to clients” who they had determined should have an Accuro policy.

“It’s trying to get away from what we refer to as the 30-year memory test using a pen and paper, which is inefficient, cumbersome and prone to errors.”

He said traditional health insurance applications were often so difficult to navigate that advisers ended up completing them for clients.

Accuro chief executive Geoff Annals said it was not designed to take the place of advisers, although it will be available for customers to access directly. “The fundamental issue is that health insurance is not easy and anything we can do to make it simpler has got to be a good thing.”

He said health and health insurance was constantly developing as technology improved but underwriting was one of the most difficult parts for consumers. “This will make it easier.”

It should deliver better information to Accuro, he said.  “The health insurance relationship is between the company and the customer ... this is a tool advisers can see benefit from as well. We are always looking to do things that simplify the complexity that health insurance presents to consumers.”

Tags: Accuro

« Kiwi company attracts $200 million global investmentStand-down period sparks complaint »

Special Offers

Comments from our readers

On 9 June 2017 at 2:45 pm Low Down said:
Move on - nothing to see here.
Just an electronic version of a hard copy application form with minimal validations.
As for underwriting - I don't think so!
On 14 June 2017 at 10:48 am Fiona_Accuro said:
Hi Low Down, thanks for taking the time to read this article about our new tool. Did you get a chance to check out the tool on Quotemonster? The tool is not live on our website yet so if you have seen that then yes, that is just an application form. Let us know how you go with Quotemonster. Would love your feedback.
On 14 June 2017 at 3:56 pm Aurora said:
I'll always tip my hat to insurers embracing technology and look forward to seeing this but it won't diminish the "30 year memory test" at all!

Disclosure is still the most important aspect and my experience tells me a client will do it better with an adviser helping them complete the application, paper or electronic.
On 15 June 2017 at 4:41 pm auckland adviser said:
First in the world..? I was involved in putting one of these together and into the market 11 years ago... Yes, an underwriting engine, software based decision making... not an electronic app.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

Southern Cross halves staff numbers
Southern Cross Travel Insurance is slashing its staff numbers from 90 to 45 people.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com