Aviva will roll out its new insurance tool Riskfirst to its adviser network next month, ending more than two years of development.
The insurance giant will release its $7 million application to 4000 advisers on June 5 through its Aviva's Navigator platform, which allows access to 10,000 advisers.
"We've built Australia's first truly paperless online end-to-end insurance platform," Aviva group protection manager Shaun Potter told 200 advisers in Sydney yesterday.
"We thought why don't we take the lead? Why don't we grab technology by the scruff of the neck and use it to improve the way we do business?"
About half of Riskfirst's applications take less than 30 minutes to complete. Underwritten policies are issued immediately and e-mailed to clients.
Simple paper applications can take up to 20 days to process. And 50 per cent have missing information, Potter said.
No signature is needed by Aviva, but advisers can print out the documents, get a client's signature and keep it for compliance requirements.
Riskfirst will make life easier for rural and advisers travelling interstate - all planners need is an internet connection.
"It can be used anywhere . in a coffee shop before you finish your vanilla latte, you client's covered," Potter said.
Aviva Australia chief executive officer Allan Griffiths urged advisers to embrace the technology.
"In five years' time, do you think this industry will still be hand-writing application forms?" Griffiths said.
