TAL has introduced significant changes to its underwriting process, simplifying the steps for customers applying for life, total and permanent disability (TPD), and income protection insurance.
The changes aim to reduce the reliance on mandatory medical tests, enabling faster access to coverage, particularly for younger applicants.
Under the revised guidelines, approximately 45% fewer applicants will be required to complete medical tests when applying directly through TAL or via financial advisers. The insurer had previously implemented similar changes in July for individuals purchasing additional coverage through their superannuation.
TAL noted that the turnaround time for test results is typically over a week, which the new approach seeks to minimise.
Liesje Jansen van Rensburg (pictured), TAL’s general manager for performance, portfolio management, and underwriting, said the changes aim to streamline the underwriting process.
“TAL’s ambition is to make underwriting as quick and simple as possible. A more streamlined underwriting process saves our customers and advisers time and makes it easier to do business with us,” she said.
She said that the company is leveraging data, insights, and expertise from its health services team to better manage risk and maintain fair pricing across its products.
“These changes mean we’ll continue to ask the right questions to appropriately manage risk, price our products fairly, and ensure we’re here to support all our customers and partners over the long term,” van Rensburg said.
The new underwriting limits include:
Gavin Teichner, chief executive for individual life at TAL, said the changes reflect the company’s focus on making it easier for financial advisers to work with TAL and help Australians access the life insurance coverage they need.
“Making it easier and faster for advisers to do business with us is crucial to ensuring risk advice is
sustainable, and more Australians can access the guidance and advice they need,” he said.
These underwriting updates come as the Australian government moves to introduce new legislation banning life insurers from using adverse genetic test results when evaluating applicants.
This new policy is designed to prevent discrimination based on genetic information, ensuring that Australians can apply for life insurance without fear that negative genetic results will affect their eligibility.
