ING announces launch of express life insurance service

ING Australia today announced the launch of OneCare Express, an innovative life insurance service that can approve applications in as little as 15 minutes.

The launch of OneCare Express to the general adviser market follows a successful launch to ANZ financial planners earlier this year.

“The critical underinsurance of Australians is both a huge social issue and a major professional challenge: the life insurance industry must convince all financial advisers of the value of risk protection, and give them the requisite skills to effectively communicate its value to clients,“ said Mark Vilo, ING Australia’s Head of Retail Products, Life Risk.

“Unlike investment advice, clients need to be convinced of the value of risk insurance, as illness, injury, unemployment or death are intangibles until they happen. They are in effect ‘threats’ for which, in insurance terms, there is an immediate cost without any immediate tangible benefit.

“OneCare Express is about providing advisers with the ‘tools’ to make life insurance applications and approvals a simple process, and thereby giving the adviser more time to discuss requirements and appropriate insurance cover with the client,” said Mr Vilo.
 
OneCare Express is an intuitive electronic application that allows the adviser to provide instant life insurance cover for around 40% of clients, while those clients not instantly accepted will be provided with an additional requirements list upfront.  This process will allow advisers to organise all application details while the client is still in the appointment.

Results from the launch to ANZ financial planners included an increased 20% approval rate for cleanskins via the OneCareExpress process while non-cleanskin applications were processed two weeks faster compared to using a traditional paper-based application.

All the features and benefits of ING’s OneCare life insurance range are available through OneCare Express.

The OneCare Express application is desktop based and therefore does not require online access for decision-making.  This level of access means that applications can be processed whether in the adviser’s office, at a client’s home, or business, or other location.

The application process involves a series of simple health and lifestyle questions via the electronic application process.  Approved clients are advised on their insurance premium, any exclusions and further requirements ‘on-the-spot’.

“Advisers now have a significant opportunity to build their risk insurance business on real, long term, human need and protection.

“Reducing the red tape and paper work will free the adviser to concentrate on the client’s overall insurance needs. 

“OneCare Express provides a clear benefit for advisers to help grow their business and for clients it reduces the tedium of the application process and streamlines approvals to minutes,” said Mr Vilo.