Acenda announces new life insurance underwriting solution

Acenda has partnered with UnderwriteMe on the new solution, which will give the group access to medical evidence such as doctors’ reports and blood tests.

This medical information can be fed to Acenda’s underwriting engine, enabling faster approvals for cover, the insurer said, adding that the partnership is “an industry-first.”

“UnderwriteMe have been proud supporters of Acenda for several years in the Australian market, and this latest innovation is a game changer,” Paul Hughes, chief revenue and customer officer for UnderwriteMe, said.

“By leveraging technology to solve critical challenges in secondary evidence underwriting, Acenda are making it easier for Australians to obtain their cover in a swifter and smoother way. We are delighted to have collaborated with Acenda and EQ Pathology in delivering this exciting, industry-first innovation.”

This collaboration with UnderwriteMe follows Acenda’s partnership with EQ Pathology, which it said has “streamlined the underwriting process for doctors by replacing traditional paperwork with digital personal medical attendant reports, pathology reports and medical exam results”.

According to the insurer, this new underwriting initiative will complete the process they have been working towards, creating Australia’s first “end-to-end digital solution in the life insurance industry”.

Chief operating officer Jane Murray, who leads Acenda’s underwriting function, said: “Acenda’s partnership with UnderwriteMe is an industry-first innovation that transforms the collection and processing of medical information.

“In a groundbreaking initiative, the underwriting process will be fully digitised, creating a capability where automated underwriting decisions can occur where medical evidence is required. This will create a seamless experience for customers.”

Gerard Kerr, Acenda’s chief executive individual business, also praised the initiative: “It is part of Acenda’s commitment to innovation, along with creating speed in our decisions to support our adviser partners and customers, as one of Australia’s leading life insurers.”