IOOF has introduced an online insurance facility aimed at improving the processing of insurance applications and eliminating a large proportion of the traditional paperwork.
IOOF Insurance Online allows advisers, in conjunction with their clients, to apply for, or increase, the level of insurance, using the new web-based application.
The system is provided by IOOF’s insurer, Tower Australia. Online applications are sent directly to the underwriter and produce an automatic underwriting decision. Advisers can also track the progress of applications online.
Nick Everingham, head of product and marketing for IOOF, says the efficiencies provided by the online underwriting system will enable advisers to “allocate valuable resources to different areas of focus within their businesses”.
“The ultimate benefits [are] cost and time savings – significantly reducing the hassle factor of insurance applications,” Everingham says.