Tuesday, May 15, 2007

The first website in the world allowing consumers to buy life insurance online instantly has been launched today, targeting specifically New Zealanders.

The website, run by life insurance company Pinnacle Life, allows New Zealanders in many countries in the world to buy life insurance online without the need for a medical examination. Once the application has been approved, which is done immediately, the consumer can receive a $500,000 life insurance policy via an automatic e-mail. However, if certain conditions have been highlighted, then person to person contact is required to finalise the process.

Ed Saul, senior partner and architect of the new website, says, “We’re giving consumers a quicker and easier way to buy life insurance. Instead of submitting an application form and waiting days for a policy to be approved and issued, we do it online and we do it immediately.”

“The revolutionary website gives consumers complete control over the buying process whilst eliminating the previously obligatory involvement of people and paper. This is a global test case eagerly watched by the insurance industry around the world,” Mr Saul said.

When applying online, a few typical questions are asked on personal information and if the applicant has had any previous illnesses or diseases.

The countries where New Zealand citizens are allowed to apply are UK, Ireland, Canada, Australia, Hong Kong, Singapore and the USA.