New Zealand’s leading life insurance specialist, Pinnacle Life, has launched what it claims to be the first web site in the world,
www.pinnaclelife.co.nz, that allows consumers to buy immediate life insurance cover online backed up by electronic underwriting.
The online cover is available to New Zealanders, but not exclusively to those domiciled in New Zealand itself. Kiwis in seven other countries are eligible to apply, including the UK, Ireland, Canada, Australia, Hong Kong, Singapore and the USA.
Pinnacle Life Senor Partner and architect of the new venture, Ed Saul, says, “We’re giving consumers a quicker and easier way to buy life insurance. Instead of submitting an application form and waiting days for a policy to be approved and issued, we do it online and we do it immediately. The revolutionary website gives consumers complete control over the buying process whilst eliminating the previously obligatory involvement of people and paper. This is a global test case eagerly watched by the insurance industry around the world.”
The entire process from application to policy approval is fully electronic with consumers receiving their policies online, instantly. Visitors to the simple e-fulfillment site are greeted by a crisp, intuitive interface, which leads them through a series of typical insurance questions regarding age, health and occupation.
The process takes less than ten minutes; by the end of which full and immediate cover up to $500,000 is granted without the need for a medical examination, unless certain specific conditions are highlighted. After processing the transaction online, the site generates an automatic email with the attached policy document.
UK life and health insurers can no longer claim that instantly underwritten cover is impossible.
Life insurance: News update: May 2007
