Life insurance red tape reduced via new digital | Australian Markets

Life insurance candidates are set for a a lot more streamlined course of to offer their medical info with the introduction of “smart” digital questionnaires, borne out of a partnership between Australian life insurer Acenda, previously MLC Life, and EQ Pathology. 

The digital functionality eliminates the need for medical doctors to offer medical info by means of PDF types, delivering a streamlined course of and information sharing between candidates, medical practitioners, insurers and advisers.

Gerard Kerr, Chief Executive Individual Business at Acenda, stated this digital initiative is the primary of its type within the Australian life insurance industry.

“This industry first initiative is part of Acenda’s commitment to innovation and ensuring we put the customer at the heart of everything we do and make it easier and faster for Australians to obtain their cover,” he stated.

“It is an element of our focus to rework underwriting and to innovate how our underwriters get exactly the knowledge they need the primary time with out the back and forth that may delay functions.

“Doctors will no longer have to download or print PDFs so advisers can provide their clients with faster decisions in a streamlined experience that still respects their privacy.”

The automated and digitised course of will scale back the delays and take away any bottlenecks brought on by filling in extra medical info alongside the complete insurance chain of communication.

“This partnership demonstrates how technology can solve real problems, making life insurance applications smoother and faster for clients, advisers and medical professionals,” Stephen Clarkson, CEO of EQ Pathology, stated.

“It’s exciting to see an insurer embrace our structured data approach to eliminate the traditional bottlenecks in underwriting.”