Intelligent Life

We've made buying life insurance easy - a platform to support online distribution of life insurance incorporating electronic underwriting

Overview

For the younger life insurance consumer, the internet is emerging as the ‘channel-of-choice’ for buying life insurance.

With this in mind, we designed ‘Intelligent Life’.

Intelligent Life is a modern, efficient computer-based platform that includes

• a website enabling consumers to buy life insurance policies instantly online
• a policy administration system that manages policies from application to claim.

Intelligent Life is sold under license by New Zealand-based Fifteen01 Limited to insurers and distributors around the world seeking targeted growth in life insurance sales.

The platform can easily be customised to meet local regulatory and brand-related requirements and typically implemented within a 3 to 6 month timeframe.

If this strategy is of interest to your organisation, talk to us.

What is Intelligent Life?

The platform comprises two components...
1. a ‘Website’ enabling consumers to buy life insurance policies instantly online.
2. a ‘Policy Admin System’ that manages the policy lifecycle from application to claim.

These operate as an integrated end-to-end system, or they can operate independently.

Aimed at internet-savvy life insurance consumers, Intelligent Life enables them to bypass traditional broker channels and buy life insurance directly and instantly online.

Applicants arriving at the Intelligent Life website are met by a clean and crisp user interface that steps the applicant through the buying process in less than 10 minutes.

The website enables a consumer to apply online, get an instant decision, review a draft of their customised insurance policy and then purchase their policy immediately. Policy documents are emailed straight away.

The Intelligent Life platform features electronic underwriting rules supported by global reinsurer Hannover Life Re whilst also providing computerised support for both traditional and telephone-based underwriting.

Website

See our reference websites. Applicants visiting our website will experience...

• On arrival applicants are offered a choice of product, a quick quote and a price comparison with selected competitors
• Applicants apply online by answering a set of health and lifestyle questions.
• The system assesses the applicant’s risk profile in real-time, utilising electronic underwriting rules developed in conjunction with Hannover Re Life
• For applicants that fail the initial underwriting, the system supports a second round of tele-underwriting and a third round of manual underwriting
• Uninsurable applicants are offered accidental death cover (release July 08)
• Applicants that pass underwriting will see a draft of their customised policy and are able to save it for a limited period until they are ready to buy
• Low-risk applicants are offered a Critical Illness add-on (release Sept 08)
• The applicant confirms the accuracy of the information and selects one of three payment methods
• The policy is immediately emailed along with a confirmation text message.

The website has been developed in Flash and integrates with a Microsoft SQL database.

Policy Admin System

Developed as a modern platform, this system manages all processes in the life cycle of a life insurance policy, from application through to claim, including....

• Billing
• Premium collection and reconciliation
• Annual policy renewal
• Calculation and payment of third party commissions
• Policy maintenance including cover increases or decreases, change of personal details, change of policy ownership, suspension and policy termination
• Automated customer correspondence
• Claims management
• Management reporting

The system is developed using an Oracle database and integrated with a PowerBuilder user interface.

What we’re offering...

For insurance companies and distributors seeking to quickly position themselves for growth in the younger, emerging life insurance market, we offer...

• 1. The Intelligent Life platform.
  The platform can be licensed as a complete end-to-end life insurance solution or the ‘Website’ and ‘Policy Admin System’ can be licensed separately. Options also exist to license Intelligent Life exclusively to a region and to acquire the source code.
• 2. Customisation, implementation and ongoing support.
  Based on our Australian and New Zealand experience, the platform can typically be tailored to meet both company-brand and regulatory requirements within a 3 to 6 month window. Once launched, various ongoing support and maintenance options are available. We’re open to discuss whatever options makes practical sense.
• 3. Strategic experience.
  We offer as consultants the architects and authors of Intelligent Life - those that have overseen every aspect of its design and implementation. In particular, Ed and Steve have an ongoing stake in Pinnacle Life where they head up the on-line venture and drive the online strategy. Our team can honestly say they’ve ‘been there, done that’. Should you choose to license Intelligent Life, you’re guaranteed consulting access to our people, both in the justification/implementation phase, as well as ongoing.

Contact Us

Ed Saul Director Fifteen01 Limited
mobile phone +64 21 309 399

Steve de Jong Director Fifteen01 Limited
mobile phone +64 21 614 846

Our Blog: http://blog.pinnaclelife.co.nz