Pinnacle launches online underwriting

Pinnacle Life senior partner Ed Saul, said, “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 website gives consumers complete control over the buying process whilst eliminating the previously obligatory involvement of people and paper."

He describes it as "a global test case eagerly watched by the insurance industry around the world.”

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.

The entire process from application to policy approval is fully electronic with consumers receiving their policies online, instantly.

Saul says the process takes less than 10 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.

"We believe our offering sits comfortably side by side with financial advisers," Saul says. "Those consumers that feel they need advice can purchase through advisers and for those that feel comfortable dealing with their insurance needs themselves, we offer a direct alternative."