Tower Australia has developed a quicker and more efficient way to sell insurance with the development of new online platform Accelerate, which it says can add 50 per cent to the value of a business.
The online system was developed in response to negative feedback from practices and their clients regarding the time-consuming and inefficient way in which insurance applications are traditionally processed.
Accelerate is unique in the market in that it delivers a response to 85 per cent of applicants in its target market, those 45 and under, within three days.
Research conducted by Tower indicated a customer was three times less likely to proceed with an insurance product if there was a delay of two weeks from initial application to approval.
"The longer a customer waits for an underwriting decision, the more likely the customer will not proceed," Accelerate executive manager of corporate alliance David Denison said.
"Customers simply will not wait for a decision to be made."
At present, Tower said Accelerate was losing 4.8 per cent of initial applicants, a number it said was way below the industry average.
Officially launched this week, Accelerate was initially offered to 10 practices as a pilot program last August.
The number grew to 150 and, prior to the official launch, around 200 practices have tested Accelerate in its pilot stage to process 1500 insurance applications.
