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Pinnacle Life launches 3-G electronic underwriting

Pinnacle Life has today released a more advanced (3rd generation) version of its electronic underwriting software that should see an even higher number of first-time applicants issued with immediate life cover.

Pinnacle Life first launched its direct-to-consumer life insurance with electronic underwriting in May 2007. The buying process from application to issuing the policy is fully automated via its website, with consumers receiving their policies online. Visitors to the website are led through a series of typical insurance underwriting questions covering their health, lifestyle, occupation and pastimes. Those with no indicated health issues are covered instantly and receive their policy document electronically.

In November 2007 Pinnacle Life released an upgraded version of the electronic underwriting rules that determines which applicants can be offered an instant policy. These are the rules that automatically assess mortality risk and apply loadings or exclusions to a policy without human involvement.

The latest upgrade boasts yet further improvements to the underwriting rules with increased second-tier questions asked to enable as many as 65% of first-time applicants an opportunity to buy immediate cover - or as many as 80% of applicants under 40.

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