Software provider Iress Insurance (Iress) has created a web-based application service that financial planners can use to write business with any Australian life office.
AppCentral will be customised to manage the applications of the nation's 11 major life offices by July 1, 2008. It is currently tailored to fit Zurich's specifications.
It is Australia's first independent multi-insurer online life insurance application service.
Adviser demand for end-to-end new business application software drove the innovation, Zurich Australia head of life risk insurance Andrew McKee said.
"We are seeing more demand from advisers to log business electronically in the market place," he said.
"It's about providing choice. Advisers can write business with Zurich using paper-based applications, e-applications via AppCentral or tele-underwriting."
AppCentral shrinks the new business processing cycle and ensures no omissions of information are made in the application.
Iress product manager Cameron McPherson has introduced AppCentral to a number of dealer groups.
InvestorDaily understands that Professional Investment Services and Millennium3 are trialling it.
"Advisers and their clients will benefit significantly by Iress' investment in innovation via AppCentral as processing errors are significantly reduced, administration costs cut and client/adviser interaction is greatly enhanced," McPherson said.
McPherson aims to have 1000 advisers using AppCentral by the end of the year.
AppCentral has been integrated into Iress software and is available to its userbase.
