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Asteron Life underwriting enhancements, and more daily news

Asteron life announced that as of 5 May 2021 enhancements have been made to the Underwriting Rules Engine (URE) within AsteronConnect. Asteron Life has said that the implementation of these new rules will mean more new business applications will be issued immediately through AsteronConnect.

Changes include:

  • Improvements to straight through acceptance rate for both advisers and customers
  • More assessments and acceptance of mental health conditions
  • More acceptance of Covid-19 related answers

“At 9pm on Wednesday 5 May we’re making some enhancements to our Underwriting Rules Engine (URE) within AsteronConnect. With these enhanced URE rules, more new business applications through AsteronConnect will be able to be issued immediately.

Some of the key changes you will notice are:

  • The Straight Through Acceptance rate for Advisers & customers is being improved - including both standard and substandard outcomes (exclusions, % loadings and combinations thereof).
  • More Mental Health conditions will be assessable and accepted by the URE, rather than referring to an Underwriter.
  • We are enabling more Covid-19 related answers to be accepted through the URE, especially
    1. For employee applicants requesting income protection.
    2. For self-employed applicants impacted by Covid-19 related trading restrictions.
  • For applicants not currently receiving a Government Covid-19 wage subsidy or other business income support and not working in the hospitality, travel, tourism or the international student education sectors.
  • For applicants with intended foreign travel plans that do not require a 14-day quarantine period upon their return to New Zealand. 

Advisers using paper applications will still need to complete the Covid-19 supplementary questionnaire when applying for cover.”

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