Aviva launches risk insurance platform with Straight Through Solutions
Announcement posted by Straight Through Solutions 07 Sep 2006
Aviva Australia has launched stage one of a new software platform that will make it the first Australian insurer to offer full service on-line application and policy acceptance to its financial advisers.
Advisers will soon be able to offer their customers Avivas complete portfolio of insurance products using a pioneering on-line insurance software platform jointly developed with Australian company Straight Through Solutions (STS). The platform gives consumers access to immediate insurance approval without delays, and in many cases without lengthy and costly medical checks.
Advisers will be able to have many of their customers protected before the customer walks out of the advisers office. The riskfirst platform enables advisers to perform a quote, complete an application online, receive an underwriting decision and complete the deal. Customers can receive electronic (email) delivery of policy records and other documentation.
Electronic underwriting brings together the benefits of 300 years of underwriting experience with the latest technology from STS, says Aviva Australias Chief Operating Officer, Grant Salmon.
We are confident it will play a significant part in addressing the serious underinsurance issue facing Australia, as it will be quicker and easier for people to take out insurance.
STS developed the worlds first on-line insurance delivery platform in 2005 to address Australias massive underinsurance crisis. Figures published by the Investment and Financial Services Association (IFSA) show 60 per cent of the Australian population is insured for less than one years income, and that only four per cent of Australians have more than 10 years cover.
Miles Sterrick, STS co-founder and chief executive, says most Australians do not have enough insurance to properly protect them and their families in case of major disability or death. Sterrick says adviser and consumer research showed that customers and advisers are crying out for this type of solution.
Todays consumer wants instant fulfilment; they dont want to wait three months to be told they can or cannot have insurance, says Sterrick. Now, Aviva and its advisers can give customers what they so desperately want instant life insurance.
STSs user-friendly platform fast tracks underwriting acceptance for policy applications. It generates all the relevant policy records and start-up documentation electronically, ensuring that clients receive their insurance cover as quickly as possible.
Avivas two-stage implementation of the platform will begin this month with the introduction of a new on-line protection illustration tool for advisors called Illustratorfirst. This incorporates many of the design features of the full electronic underwriting platform and, when the full platform is introduced early next year, will make it easy for advisers to further reduce data entry requirements.
Avivas Salmon says the new system will deliver much more than just the clean skin applications filters already on the market.
An added benefit for Aviva is that our specialist underwriters will be freed up to concentrate on more complex cases, as less complex cases will be underwritten and accepted by the on-line platform, he says.
The functionality of the on-line platform also means that even where a customers medical conditions are too complex to accept initially, the information it gathers and refers to the underwriter will substantially reduce the time the underwriter will spend assessing the application and approving the cover.
Avivas full range of market leading Protectionfirst life insurance products will be available on the platform early next year.
A full list of benefits include:
Simplicity, flexibility, speed and accuracy;
In many cases underwriting decisions can be made on the spot, so acceptance of policy applications will be much quicker within seconds of completing the on-line application;
Less administration for advisers as clients details can be filed electronically, so less need for administration including filing and photocopying;
Data will be more accurate as it will be entered directly by the adviser and the system will not accept incorrect data;
The ability for more complete disclosure by clients due to the intelligent way the on-line platform questions clients; and
Record keeping will be easier for advisers as it will all be electronic.
Notes to editors:
Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
Globally, Aviva Australia is part of Aviva plc, the worlds fifth-largest insurance group, the UKs largest insurance services provider (based on gross worldwide premiums at 31 December 2005), and one of the leading providers of life and pension products to Europe, with substantial positions in other markets around the world.
Avivas principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of A$82.3 billion (35 billion) and assets under management of A$745 billion (317 billion) at 31 December 2005.
The information in this document reflects Aviva Australia Holdings Limited understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.
About Straight Through Solutions
Straight Through Solutions (STS) is a bold new player in the financial services IT solutions market, focused on changing the complexity of the insurance industry with tailored solutions that simplify the procurement process for new and existing insurance products. With an experienced team of life industry and technology professionals, STS has developed a world-first platform that redefines the way the life insurance sector is marketed, administered and delivered. STS has also developed breakthrough products for the insurance industry that simplify the choices for consumers, giving them the cover they need without the complexity and overheads of traditional life products. For more information on the company, its platform and products, contact Miles Sterrick (02 9232 2556) or Peter Ramjan (02 9425 7504).
Advisers will soon be able to offer their customers Avivas complete portfolio of insurance products using a pioneering on-line insurance software platform jointly developed with Australian company Straight Through Solutions (STS). The platform gives consumers access to immediate insurance approval without delays, and in many cases without lengthy and costly medical checks.
Advisers will be able to have many of their customers protected before the customer walks out of the advisers office. The riskfirst platform enables advisers to perform a quote, complete an application online, receive an underwriting decision and complete the deal. Customers can receive electronic (email) delivery of policy records and other documentation.
Electronic underwriting brings together the benefits of 300 years of underwriting experience with the latest technology from STS, says Aviva Australias Chief Operating Officer, Grant Salmon.
We are confident it will play a significant part in addressing the serious underinsurance issue facing Australia, as it will be quicker and easier for people to take out insurance.
STS developed the worlds first on-line insurance delivery platform in 2005 to address Australias massive underinsurance crisis. Figures published by the Investment and Financial Services Association (IFSA) show 60 per cent of the Australian population is insured for less than one years income, and that only four per cent of Australians have more than 10 years cover.
Miles Sterrick, STS co-founder and chief executive, says most Australians do not have enough insurance to properly protect them and their families in case of major disability or death. Sterrick says adviser and consumer research showed that customers and advisers are crying out for this type of solution.
Todays consumer wants instant fulfilment; they dont want to wait three months to be told they can or cannot have insurance, says Sterrick. Now, Aviva and its advisers can give customers what they so desperately want instant life insurance.
STSs user-friendly platform fast tracks underwriting acceptance for policy applications. It generates all the relevant policy records and start-up documentation electronically, ensuring that clients receive their insurance cover as quickly as possible.
Avivas two-stage implementation of the platform will begin this month with the introduction of a new on-line protection illustration tool for advisors called Illustratorfirst. This incorporates many of the design features of the full electronic underwriting platform and, when the full platform is introduced early next year, will make it easy for advisers to further reduce data entry requirements.
Avivas Salmon says the new system will deliver much more than just the clean skin applications filters already on the market.
An added benefit for Aviva is that our specialist underwriters will be freed up to concentrate on more complex cases, as less complex cases will be underwritten and accepted by the on-line platform, he says.
The functionality of the on-line platform also means that even where a customers medical conditions are too complex to accept initially, the information it gathers and refers to the underwriter will substantially reduce the time the underwriter will spend assessing the application and approving the cover.
Avivas full range of market leading Protectionfirst life insurance products will be available on the platform early next year.
A full list of benefits include:
Simplicity, flexibility, speed and accuracy;
In many cases underwriting decisions can be made on the spot, so acceptance of policy applications will be much quicker within seconds of completing the on-line application;
Less administration for advisers as clients details can be filed electronically, so less need for administration including filing and photocopying;
Data will be more accurate as it will be entered directly by the adviser and the system will not accept incorrect data;
The ability for more complete disclosure by clients due to the intelligent way the on-line platform questions clients; and
Record keeping will be easier for advisers as it will all be electronic.
Notes to editors:
Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
Globally, Aviva Australia is part of Aviva plc, the worlds fifth-largest insurance group, the UKs largest insurance services provider (based on gross worldwide premiums at 31 December 2005), and one of the leading providers of life and pension products to Europe, with substantial positions in other markets around the world.
Avivas principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of A$82.3 billion (35 billion) and assets under management of A$745 billion (317 billion) at 31 December 2005.
The information in this document reflects Aviva Australia Holdings Limited understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.
About Straight Through Solutions
Straight Through Solutions (STS) is a bold new player in the financial services IT solutions market, focused on changing the complexity of the insurance industry with tailored solutions that simplify the procurement process for new and existing insurance products. With an experienced team of life industry and technology professionals, STS has developed a world-first platform that redefines the way the life insurance sector is marketed, administered and delivered. STS has also developed breakthrough products for the insurance industry that simplify the choices for consumers, giving them the cover they need without the complexity and overheads of traditional life products. For more information on the company, its platform and products, contact Miles Sterrick (02 9232 2556) or Peter Ramjan (02 9425 7504).