Fidelity Life launches enhanced E-App with UnderwriteMe

New Zealand's largest locally owned life insurer, Fidelity Life, has launched a new and improved online application tool, E-App, in collaboration with global InsureTech provider UnderwriteMe. Designed to enhance the user experience, the E-App also aims to streamline the underwriting process for customers.

The upgraded E-App was rolled out to financial advisers in June and is already contributing to greater efficiency. Fidelity Life believes the tool will significantly reduce application processing times compared to traditional paper applications. The insurer has prioritised creating a smooth digital journey, eliminating the need for paper forms and providing an intuitive design.

The key technological backbone of this initiative is UnderwriteMe's automation technology, known as the Decision Platform. This technology simplifies questionnaires and customer journeys, offers instant feedback on underwriting assessments, and facilitates immediate acceptance for some customers. A continuous improvement process has been established to ensure the E-App keeps evolving to meet the expectations of both customers and financial advisers.

Niall McConville, Chief Insurance Officer at Fidelity Life, stated, "Fidelity Life is here for the good of New Zealand by working to make financial advice and insurance protection more accessible. Our new E-App is already making a difference by unlocking benefits for our customers, advisers, and for our business. The implementation of a highly flexible rules engine in collaboration with UnderwriteMe is a key foundation of our strategy to make life insurance easier and more accessible for New Zealanders. We look forward to continuing to create and innovate with UnderwriteMe."

The Decision Platform developed by UnderwriteMe caters not only to Fidelity Life but has also been adopted by several insurance providers in the Australasian market. These solutions are designed to support insurers with quick underwriting decision-making and robust data analytics, thereby serving customers better and ensuring they receive protection more swiftly. Paul Hughes, Head of Asia Pacific at UnderwriteMe, commented, "Within the Australian and New Zealand markets, UnderwriteMe has observed a key pain point for financial advisers around efficiency in the new business and underwriting process, and we are delighted to partner with Fidelity Life, using technology and data to innovate and to make insurance more accessible for customers."

Fidelity Life celebrated its 50th anniversary in 2023. The insurer is backed by local shareholders, including the NZ Super Fund, Ngāi Tahu Holdings, and the Fidelity Family Trust. Since its inception, Fidelity Life has paid out more than NZD $1.6 billion in claims. It protects over 304,000 New Zealanders and distributes its products through a network of 1,800 licensed and qualified financial advisers, as well as strategic alliance partners.