Pacific Life Re has launched a new underwriting and new business comparison service, UnderwriteMe. The product uses a set of underwriting questions to deliver quotes from many insurers, including full underwriting decisions. The output is a 'buy now' option, with any loadings or exclusions by each product issuer.
UnderwriteMe has had success already in the UK market, with a new office in Sydney. The service avoids the adviser having to go through the full underwriting pre-assessment or application at each company, instead loading it into one system to get the best policy for the applicant in far less time.
This allows advisers to not only get their client a better deal than they may have had time for, but it simply shortens the time it would normally take to set up all those applications, electronically or not. Feedback on the system from advisers, the company says, has been that it is quick, easy, and efficient.