The new approach has already gained traction within key adviser groups, with Aviva receiving a number of signature-free applications within its first week. Riskfirst is scheduled for national rollout during May 2007 to all advisers.
Unlike many insurance companies that offer versions of online underwriting, Aviva’s platform requires no signatures, although advisers can request to receive a signed client declaration.
Furthermore, it is also the only platform to complete business online immediately and issue policies on the spot. As a result, the processing time of the application will be significantly reduced. All policies are immediately underwritten and issued by email. In addition, the online platform integrates with Aviva’s existing illustration software, which reduces the need for training.
We have a strong relationship with our advisers, and there is a high level of professionalism within the industry, said Sean Potter, group protection manager at Aviva. You can’t beat the ability to issue policy schedules on the spot. It just makes it all so easy, which at the end of the day, is what this business is all about. We believe that initiatives such as Riskfirst are a significant practical step in reducing underinsurance.
