Risk Product Update

New innovation UnderwriteMe manages medical requests

A new digital underwriting tool has been launched by UnderwriteMe and Zurich to allow medical screening requests to be sent and received via provider United Healthcare Group. The tool ensures an instant eligibility decision to speed up underwriting decisions. Without the tool, medical screening requests must be manually sent and received by customers and advisers, with a wait time.

So far, 600 customers have had their medical screening requests sent and received via the tool, with an automatic acceptance in 45 per cent of cases.

PPS Mutual launches new IP product

PPS Mutual has launched IP Prime 70, which offers professionals cover up to 70 per cent of their income, depending on income levels. The new offering assesses members against own occupation for the first 30 months of the claim, after which the person is assessed against any professional occupation, with those on a 2-5-year benefit period assessed during the claim.

An optional benefit booster of up to 84 per cent on the first six months of the claim is also available, alongside an additional option of a superannuation contribution option. The new product joins the PPS Mutual Professionals Choice product suite. The current option, IP Select, has improved partial disability definitions and enhanced recovery plan definitions.

Iress launches Connectivity Network for advisers

A new tool to connect platforms and insurers with advice software is now available via Iress’s Connectivity Network using a cloud platform, Xplan Affinity. Insurers and platforms can integrate into Xplan, allowing the processing of client intake, trading, insurance applications, advice, reporting and client account maintenance.

Iress has signed agreements with Colonial First State (CFS) and MetLife Australia to collaborate on the creation of the Connectivity Network, with the service to be available by mid-2023.