Australian insurer TAL has launched real-time quotes to help existing clients and advisers review and update cover.
The company says the new system provides instant premium calculations so advisers can present potential cost-saving options to their clients.
Capabilities include:
- Decrease sum insured
- Reverse/decline indexation
- Change payment frequency
- Change waiting and benefit periods
- Change smoker status
- Change from Agreed to Indemnity
- Removal of benefit options
- Cancel cover
David Arthur, General Manager of Technology Delivery at TAL, says: “Earlier this year, we asked advisers how TAL could support them in servicing existing clients.
“Their feedback, along with the most common requests such as decreasing sum insured or permanently removing CPI indexation, was key to developing the new real-time alteration quotes functionality.
“Looking ahead, we will add further functionality in September, including premium projections, increases, and adding cover options—all features requested by advisers.”
TAL says the new technology received positive feedback from advisers during the testing phase.