EasyCover goes online
Tower Life has launched what it considers the first life insurance product to be available online.
The new product, EasyCover, is an accidental death insurance cover available on-line direct to the public.
Tower Life strategy manager, risk business, Ron Williamson says the step into e-commerce follows speculation that Australia's life insurance industry is falling behind in e-commerce capabilities.
"Tower has recognised for awhile that the life insurance industry is behind the eight ball a little bit," he says.
Williamson says the oft-quoted saying that life insurance products are too complex to provide online is a myth. He says the product is easy to access and understand.
It offers customers a number of standard survey questions for them to register such as name, address and the amount of cover the customer wants. After a customer has registered, a premium is automatically calculated for them.
There is no underwriting for the product, and customers can choose any level of cover between $100,000 and $400,000 for $12 a month, depending on the level they choose. They can pay by credit card online or pay by cheque.
Williamson says EasyCover takes life insurance advisers and brokers out of the equation for many customers, giving them the choice of immediate insurance cover.
"The public generally expect that life insurance is sold through an adviser, and that its probably all about forms and underwriting," he says.
"By providing a product that takes away all the concerns we believe the client finds that appealing."
Williamson says the success of EasyCover will determine any future online products for Tower.
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.
