Pinnacle Life today increased its electronic underwriting limits by 60% enabling it to offer life cover up to $800,000 instantly online.
“This opens our instant life cover product to a wider audience” says Noel Vaughan, CEO of Pinnacle Life. “You can now insure your life for $800,000 without a medical and get your policy straight away.”
Pinnacle Life first launched its internet-based life insurance product with electronic underwriting in May 2007 with a limit of $500,000. The buying process from application to policy issue is fully automated, with consumers receiving their policies online. Applicants are led through a series of typical insurance underwriting questions covering their health, lifestyle, occupation and pastimes. Those with no indicated health risks can complete the process – from quote to policy document - in less than 10 minutes.
“We previously offered cover to $500,000 thinking it would be enough for our market” says Vaughan. “However our limit came under pressure with increasing numbers of consumers seeking the convenience of instant cover for yet larger policies. We’ve now responded with $800,000 available at the click of a mouse. The increased limit enables our on-line offering to compete more directly with paper-based products sold by traditional life insurers and banks.”
Pinnacle Life’s $800,000 electronic underwriting limit is backed by Hannover Re, the largest reinsurer of life-risk products in Australasia. “The endorsement by Hannover Re of our 60% increase reflects their confidence in the quality of our electronic underwriting system launched almost a year ago together with their ongoing support for on-line life insurance” says Vaughan.