CommInsure launches underwriting tool for industry super fund members
CommInsure's Wholesale Life division has launched an online application and underwriting platform for two of its largest industry super fund clients.
CareSuper and HESTA now have access to the online insurance solution which allows its members to increase their insurance cover above the default level provided by their superannuation fund.
In describing the platform, CommInsure stated that members are able to utilise insurance calculators to determine an appropriate level of cover before moving to a quoting tool. Members can then submit an online application and will receive an immediate underwriting decision.
CommInsure general manager, Wholesale Life, Claire Roberts said insurance is often too far down the priority list for Australians, and the new online solution attempts to make the process of getting adequate cover simpler.
The underwriting platform is specifically designed for the industry fund market and designed to "maximise auto-acceptance rates" by only asking clients relevant questions, the insurance provider stated.
The solution also adds to CommInsure's online underwriting offering which was previously only available to retail clients.
"We believe this is the most comprehensive insurance application system in the market," Roberts said.
CommInsure's announcement follows comments made by general manager for retail advice Tim Browne in November that the financial advice industry was failing to do enough to convince consumers of the need to get adequate insurance cover.
CommInsure has an inforce risk book of over $1.6 billion and over three million customers.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
