ANZ Wealth launched a life insurance pre-assessment tool that reduces the application waiting time up to 48 hours.
The OneCare Pre-Assessment Wizard aims to assist financial advisers understand the potential underwriting outcomes for certain medical circumstances timely and efficiently.
ANZ Wealth head of life insurance Gerard Kerr said advisers can ask clients a few medical questions to receive an immediate indicative assessment.
Even in cases where information is unavailable, the Wizard can still assume a best-case scenario to provide an immediate indicative result, he added.
The Wizard provides an indicative pre-assessment underwriting decision for up to six conditions per client from commonly encountered medical issues, according to the user manual, noting any applications for insurance subsequently submitted will still be subject to full underwriting.
"The tool's real-time functionality sets it apart from other pre-assessment tools in the market, which are often just online forms that still require an underwriting team to manually process," Kerr said.
Advisers who have trialled the tool said its ability to provide an immediate underwriting decision was having a real impact on client satisfaction and conversion rates, he added.
ANZ Wealth has taken a number of steps to improve its life insurance offerings to advisers, having recently integrated software for its insurance, wealth, and advice solutions subsidiary OnePath with IRESS XPLAN, despite signalling in November last year it was selling the division.