1. SIMPLIFIED UNDERWRITING
Social inclusion through optimising the insurance sales process

2. Taking up life insurance is difficult for the average consumer
Personal details
Occupational details
Up to 40 underwriting questions
Medicals and blood tests
Very long, unpleasant underwriting process for customers
30 – 40 minutes on a “quick” tele-sale
Long sales process
Primarily sold through Advisors
Recently sold through tele-agents
Limited availability

3. Streamlining the process:
Leverage existing bank data to speed up underwriting 1
Reduce the number of questions to keep the sales process slick and fast-moving 2
Simplify the set of questions to ensure the conversation is understandable and customer friendly 3

4. Typical Underwriting tree
Standard Process
30-40
minutes
Supplied by customer
Work info
Personal info
Medical info
Premium
20 – 40 questions
Typical Underwriting tree

5. Simplified Underwriting tree
New Process
5 minutes
Supplied by customer
Medical info
Premium
Supplied by FNB
Personal info
Simplified Underwriting tree
Work info
5 easy yes/no questions

6. Taking up life insurance is easy for everyone
Quick and easy underwriting process for customers
5 underwriting questions
NO blood tests
NO medicals
Slick and speedy sales process
5 minutes (80%+ improvement)
Branch
Outbound call centres
Private bankers
Widespread availability

7. Customer benefit:
Introduces simplicity for customers in to a very complicated market 1
Easy to understand and take up – reduces customer angst around purchasing life insurance 2
Provides greater value – allows customers to take up much larger cover amounts (up to R1 Million!) at cheaper rates by undergoing minimal underwriting 3