ING Australia reported a substantial jump in the sale of life insurance policies for the first quarter of 2009, with sales growing by nearly 25 per cent from the same period last year.
"The trend increase in life insurance sales reflects the increasing concern Australians have with the current economic environment and their need to protect existing wealth," ING Life Risk division head of products, marketing and reinsurance Gerard Kerr said.
"Often during critical historical moments, life insurance enquiries and sales increase. Today we are witnessing similar life insurance sales trends to previous difficult times."
In response to this rise in demand, ING Australia announced a series of enhancements and upgrades to its life insurance product OneCare and its electronic application platform OneCare Express.
Significant upgrades to its trauma conditions include upgraded cover for male specific cancers such as testicular and prostate cancer, full benefits paid upon diagnosis of degenerative diseases and full benefits paid to clients on an Australian organ donation waiting list.
In an industry first, the qualification period for trauma will now begin when an application is received by ING and not when the policy is issued.
Improvements to its OneCare Express e-application include being able to attach supporting documents electronically and a new electronic signature which provides greater flexibility for advisers and clients.
"These enhancements and upgrades [will provide] a raft of improvements for both clients and advisers," Kerr said.
"It is also imperative that we arm our advisers with the tools and strategies to make selling life insurance an easy and efficient process.
"The upgrades announced today reflect adviser feedback and will significantly reduce the processes required for completing applications and gaining cover approvals."
