Riskfirst Quick Reference Guide

Transcription

1 MLC Insurance Adviser use only Riskfirst Quick Reference Guide Preparation date: 8 August 2011 This guide was prepared by MLC Limited ABN AFSL Issuer of MLC Insurance and MLC Nominees Pty Limited ABN AFSL RSE L Issuer of MLC Insurance (Super) Trustee for The Universal Super Scheme ABN R SFN

2 Riskfirst Quick Reference Guide The purpose of this Quick Reference Guide is to provide you with a snapshot of Riskfirst s unique features. For further assistance, please refer to the Riskfirst Training Manual or contact your local Business Development Manager.

3 Introducing Riskfirst Riskfirst, our award winning application and underwriting tool, allows you to create and submit new insurance business to us online. Why use Riskfirst? No two advisers have the same businesses or client needs and as such, Riskfirst provides you with choice and flexibility to do business the way you want without compromise. The ground-breaking technology behind Riskfirst is designed with you and your client in mind. Riskfirst s unparalleled flexibility from start to finish means you have ultimate control when setting up your clients insurance policies. Top 10 reasons for using Riskfirst 1 You choose the way you want to do business Set up Personal Statements in Riskfirst in four different ways to suit your back office and different client needs. Face-to-face in front of your client. Collect data from your client over the telephone or by using web conferencing. Scan and attach paper applications. Personal Statements to your clients using Riskfirst mylink. 2 Unparalleled flexibility Designed with advisers in mind, Riskfirst gives you complete flexibility from start to finish when setting up policies. Switch on our Let us call you back tele-underwriting service. Send a note or attach documents for our Underwriting or Administration teams. If you re not satisfied with an underwriting decision, ask to have the application reviewed by our Underwriting team. Client declaration forms can be printed for your own records with ease, if you prefer having a signed declaration. 3 Immediate completion Sophisticated online underwriting technology that helps you deliver decisions immediately. A total end-to-end business solution that improves your business efficiency. Move from Interim cover to full risk more quickly. 4 Reduced need for medicals Riskfirst minimises unnecessary delays by only asking targeted medical questions, reducing the need for mandatory medical requirements and PMARs by approximately 25%. The medical underwriting process is automated in Riskfirst so you improve the likelihood of an application attaining straight through status. 5 Underwriter in your office Comprehensive online underwriting technology that s built into Riskfirst it s like having one of our Underwriters in your office, 24/7. Sophisticated underwriting decisions made by Riskfirst at any time of the day, minimised referrals and speeds up the application process. Riskfirst Quick Reference Guide Page 3

4 Introducing Riskfirst 6 Intuitive and easy to use Applications can be completed non-sequentially and Riskfirst intuitively triggers In depth questions if more information is required, so there s no need to carry around a separate data collection form. See exactly where you are in the application process with Riskfirst s navigation tree, so you control how you want to move around within the application. The user interface of Riskfirst is straightforward and intuitive. 7 Fast adviser remuneration Complete applications within as little as minutes. Around 88% of cases for customers aged 50 or less can be completed with a Personal Statement only. Adviser remuneration is sped up significantly as policies can be issued immediately. 9 Supporting you There s no waiting with Riskfirst as applications go to the front of the queue with our dedicated priority Underwriting and Administration services. Our Business Development Managers, Technology Integration Managers and Software Support team are renowned in the industry for their outstanding training and support. 10 Award winning You told us what you wanted in insurance. We listened. Because of your help, Investment Trends has ranked our online services, including Riskfirst and our online transactions as number one. 2 This is critical in a market where technology is the key to business growth and success. 8 No snail mail delays Fast and easy to use up to 33% 1 faster than the paper method. Convenient access to Riskfirst whenever you re connected to the internet, at anytime that suits you. 1 Based on experience 2 Investment Trends, Dec Life Insurance Comparative Analysis and Benchmarking Report, June Page 4 Riskfirst Quick Reference Guide

5 Illustrator creating a quick quote Illustrator is our intuitive electronic insurance quoting tool used to produce quotes for MLC Insurance, MLC Insurance (Super). No two advisers businesses are the same, therefore Illustrator has been designed with this in mind. Illustrator gives you the flexibility to structure policies, premiums, covers, and your remuneration to meet the needs of your clients and your business model. Illustrator enables you to generate quotes for those clients who have simple needs right through to those who have more sophisticated requirements. Step One Click New client or retrieve an existing client from your Illustrator database by clicking My clients. Step Two For new clients enter the mandatory fields in the Client details section. Mandatory fields are those marked with an asterisk. Tip Earnings P.A. (inc super) field is a mandatory field for Income Protection policies. Step Three Click new quote Riskfirst Quick Reference Guide Page 5

6 Adding policies, covers and options to your quote When creating your quote, first build the structure of your insurance portfolio in the left pane before moving to the right to add options, benefit amounts etc. Adding standalone cover and extension cover Click to choose the cover required. Projections Click to display premium projections and Stepped/Level Comparison. Click Print to print either a detailed or brief version of the quote. Click on Policy Fee to remove/add the policy fee. Adding policies To add a policy to a quote, click Add new policy. Left pane Right pane Click Save to save your quote. Only valid quotes can be saved. Click on Validate to ensure your policy meets all requirements Click Copy to copy the quote for the current client, for a new client or for an existing client. Tip Setting your remuneration at a policy at level will affect all existing covers in that policy and any new covers added to that policy. Adjusting your remuneration setting at a policy level after you have adjusted at a cover will override the remuneration setting at a cover level. Click Delete to delete the quote from your Illustrator database. Click Apply to push the quote information to Riskfirst, our online application tool. You must Save your quote before you can Copy, Print or Apply. Click to select remuneration structure and to add a discount. This can be done at policy level and cover level Page 6 Riskfirst Quick Reference Guide

7 Moving from Illustrator to Riskfirst Once you ve completed your quote, applying online is simple and easy. You will be required to complete the policy setup, underwriting and administrative questions such as: any additional life insured details required to complete the application policy owner, payer and beneficiary details the Personal Statement, and Terms and Conditions. Click Apply Riskfirst Quick Reference Guide Page 7

8 Personal details This screen shows the details of the life to be insured. You will need to add any additional mandatory information that was not entered as part of the quote, ie date of birth, residential and postal address details, phone contact, etc. Mandatory fields are highlighted with an asterisk. Note: Please ensure that all names and address details are correct, as what appears here is entered directly into our administration system and will be reflected on the Policy Schedule and documents exactly as entered. Tip If you have previously created a quote, this section populates with the client s details. When done, click Next Section Page 8 Riskfirst Quick Reference Guide

9 Occupation details This screen populates with the Occupation details from the Client details screen in Illustrator. Tip If you wish to amend any details on this screen, simply click the required fields and amend. Click Next Section Tip If you wish to make a change to the occupation, click Select. The Occupation Search screen displays. Enter the occupation Click Search From the results list click the occupation The Occupation details screen displays. Note: Changing the occupation may cause the premium to re-calculate or invalidate cover applied for. Riskfirst Quick Reference Guide Page 9

10 Cover required This screen outlines the cover required and is populated via your quote. You can amend the details of policies, covers, benefits, and or policy settings. Any changes made on this screen will not update your original quote. Click to Add extension and standalone covers Please refer to the Illustrator Training Manual for step-by-step instructions on how to create and update your original quote. Click on Policy Fee to remove/add the policy fee. Click to Add/ remove options Click Validate to see if any changes to the policy are required Tip When you click Previous Section or Next Section, any information already entered is saved. Page 10 Riskfirst Quick Reference Guide

11 Policy setup This screen allows you assign: Owner(s) Payer(s), and Beneficiary(s). Click to Add Owner Click to Add Payer Click to Add Beneficiary(s) Note: You ll need to add Owner(s) and Payer(s) to all policies. Policy 1 (Super) Policy 1 (Ordinary) Tip If you would like the Life to be Insured to be owner and payer of an ordinary policy click assign as owner & payer. This automatically populates all the information and prompts the Payment details screen to be completed. Click Next Section to move to the next screen Riskfirst Quick Reference Guide Page 11

12 Application Method The four methods and the benefits of each are outlined in the table below. Method Description Benefits Online Face to face data collection Use this method when face to face, with your client. Alternative data collection Use this method to get your client s responses by either telephone or web conference. The benefits are: fast and immediate completions the ability to issue Policy Schedules immediately minimised need for PMARs (by asking targeted medical questions) intuitive and efficient faster turn around times by having the choice to switch on services: Let us call you back tele-underwriting and Lifescreen, and faster remuneration for you. Scan and attach Applying from a paper application Use this method when your client is completing a paper application accompanied by a Product Disclosure Statement. The benefits are: it s a traditional and well understood process. Mylink the Personal Statement to your client Use this method to a link to your client to enable them to complete their Personal Statement online in a secure environment. The benefits are: your client can complete the Personal Statement at their own leisure, and in their place of work or home confidentially, and you will not be required to record any answers to the questions. Just simply select this method and the Personal Statement is ed directly to your client to complete. Page 12 Riskfirst Quick Reference Guide

13 This screen displays the four Application Methods available. This section allows you to select the method you will use to collect the answers to the Personal Statement from the life insured. There are four methods to choose from: Face to face data collection (online) Alternative data collection (online) Applying from a paper application, and the Personal Statement to your client using mylink. For more information about the Application Methods and how they work please refer to the Riskfirst Training Manual. Tip Face to face data collection (online) is the default Application Method. Click the appropriate Application Method Tip Click the icons to view a description of each engagement style. Riskfirst Quick Reference Guide Page 13

14 Personal Statement The Personal Statement screens take you through the occupation, income, lifestyle, medical and family history sections of the application. Some key features are: the application can be completed non-sequentially and Riskfirst intuitively triggers In Depth questions if more information is needed, so there s no need to carry around a separate data collection form it allows you to see exactly where you are in the application process with Riskfirst s navigation tree, so you control how you want to move around the application, and the user interface of Riskfirst is straightforward and intuitive. Page 14 Riskfirst Quick Reference Guide

15 Results The Results page confirms the outcome from the information provided in the Personal Statement. Answers to the questions in the Personal Statement determine if a loading or exclusion applies. Policy Sequence Payment Frequency Policy Type Note: If a policy has been referred to Underwriting the premium that currently shows may change when further underwriting is completed. Coverage breakdown Reasons for why a policy has been referred to Underwriting appear here. Connected policy Tip Underwriting outcomes Accepted application has met underwriting requirements. Refer to underwriting application needs to be assessed further and additional information may be required. Click Next Section Policy Premium Application has been referred to Underwriting, as further information is required. Riskfirst Quick Reference Guide Page 15

16 Client Verification The Client Verification screen displays if the Alternative data collection method was selected. You have two options for the verification of answers to the Personal Statement questions: 1. Life Insured Verification of Personal Statement using Mylink s the life insured a secure link to the Personal Statement who in the comfort of their home, can review and verify the answers, or 2. Adviser Verification of Personal Statement using Record of Answers or Voice Recording enables you to download the Record of Answers document on the Notes screen or use a call voice recording to obtain the life insured s verification of the Personal Statement. Please refer to the Notes screen for further information. Note: If you choose to verify your client s personal information via call voice recording you must save this audio file for future reference. Click the appropriate verification method Page 16 Riskfirst Quick Reference Guide

17 Notes This screen allows you to: add notes for our Administration or Underwriting team download the Medical Authority and Record of Answers attach PDF documents to the application attach the application and/or other documents, and split your remuneration with another adviser. From this screen you can download your client s Record of Answers and pre-populated Medical Authority. You can also attach other documents for underwriting purposes eg financials or medicals. Note: If you select Yes to add notes, the application will not be finalised but referred to Underwriting. An alternative address for administration purposes is required. If you wish to split the remuneration with another adviser, from the drop-down box select Yes. A text box appears. Enter agency number, the percentage of the split for both production and renewal payments. You can add notes in this section for the Administration or Underwriting teams. When done, click Next Section Riskfirst Quick Reference Guide Page 17

18 Terms and Conditions This screen takes you to the Terms and Conditions of the application. The life insured, policy owner(s) and adviser are required to read and acknowledge the declarations. Client declaration Adviser declaration Click Next Section Page 18 Riskfirst Quick Reference Guide

19 Apply This screen allows you to validate the details of the policy before the application is submitted. Note: Once the application has been submitted, the application process will be finalised and no further changes can be made via Riskfirst. Step One Tick the checkbox to confirm your understanding that no further changes can be made via Riskfirst Step Two Click Submit Riskfirst Quick Reference Guide Page 19

20 Complete The online application is now complete. This screen displays a summary of each policy and the documents attached. The documents attached will vary depending on whether the application was accepted or referred to Underwriting. When an application is accepted a Welcome pack is issued to the owner and life insured of the policy. Click Next Section Page 20 Riskfirst Quick Reference Guide

21 Client dashboard Application Submitted Once complete, the Client dashboard appears. From here, you can: view the application and any correspondence generated create another application or illustration for the client create a new client perform a client search view your outstanding applications view submitted applications, and logout. Submitted application Riskfirst Quick Reference Guide Page 21

22 Supporting you Contact your Business Development Manager for a complete list of learning options available to you from face-to-face practical workshops to online video tutorials and guides. For general enquiries, call us on

23 Your notes

24 MLC Insurance Adviser use only This brochure is for adviser use only and is not intended for general distribution. MLC Limited (ABN , AFSL ) of Miller Street, North Sydney NSW 2060, is a member of the National Australia Group of companies. For more information call MLC from anywhere in Australia on Postal address: MLC Limited, PO Box 200 North Sydney NSW 2059 Registered office: Ground Floor, MLC Building Miller Street North Sydney NSW 2060 mlc.com.au 83205M0712