With the impending launch of the Straight Through Processing pilot scheme, Pacific Prime clients paired with Allianz Worldwide Care will now be able to benefit from an instant processing web-portal following a joint initiative between the two companies.
It is hoped that this new service will revolutionize client experience by enhancing the application process for fully medically underwritten plans and enabling instant certification and policy confirmation for applications which do not require any additional underwriting analysis.
Allianz Worldwide Care and Pacific Prime have been working closely over the past decade, striving to ensure that clients always receive the highest level of coverage available, and the soon to be launched Straight Through Processing service will undoubtedly strengthen the relationship between the two companies. Pacific Prime clients will be the first brokered clients to avail of the fastest application processing system currently available.
The concept for Straight Through Processing was originally discussed between Maria Loughran, Broker Relationship manager for individual business at Allianz Worldwide Care, and Owen Ryan, CCO at Pacific Prime, mid way through 2012. Despite Allianz Worldwide Care already offering one of the fastest turnaround times for new applications, it was discussed how the two companies could provide an unmatched level of servicing speed for their clients.
With the ever expanding footprint of social media websites being a preferred source for clients to turn to for instant advice and information, the need for all companies in any industry to adjust their methods and adapt to customers need for instant confirmation of online purchasing is becoming more apparent in all commercial sectors, including Medical Insurance.
Some clients may wonder as to what exactly Straight Through Processing is. This online portal will allow the administrative departments of both companies to work closer together and shorten the application process, as well as allowing for instant confirmation of cover for new applicants that do not require any additional underwriting analysis.
Previously, during a new application process, Pacific Prime administration would input details into their own internal system and then forward the application to the Allianz Worldwide Care administration department to do the same at their end. This new system allows Pacific Prime staff to input the policy details directly into Allianz Worldwide Care's system, bypassing the need for the insurer to repeat this particular step. In instances where no further underwriting analysis is required, certification of cover will then be generated instantly.
In other words, the administration process at Allianz Worldwide Care is shortened, meaning that where previously it would have taken possibly up to two or three days for policy certificates to be generated and returned, Pacific Prime can now expect to receive confirmation of policy status within 15 minutes of Allianz Worldwide Care receiving the application. For a product that requires full medical underwriting, this turnaround time in policy status confirmation is unprecedented.
This new process is expected to be received incredibly well by both clients and Pacific Prime staff together.
Marta Olivotti, team leader at Pacific Prime, commented on this new system: "Delivering quality service in the shortest time possible is the mantra of anyone who works in sales/customer service, and this instant policy processing via online web portals is a very important step in this direction and we expect to have very positive responses from all our clients".
Jason Armer, another team leader at Pacific Prime also commented: "Normally, large insurers struggle to process the high volume of applications they receive efficiently but with instant confirmation now available through the new online system, this will reinforce Allianz Worldwide Care's position as a market leader in the international private medical insurance sector".
Allianz Worldwide Care is also very positive of the response this will have in the market. Maria Loughran, Broker Relationship Manager commented: "We want to make it easier for brokers and their clients to do business with Allianz Worldwide Care and are continually looking at ways to enhance our service proposition. The addition of a more streamlined business processing facility for medically underwritten business will no doubt yield benefits for both companies. We are excited about partnering with Pacific Prime on this pilot project and to further strengthening our affiliation".
Pacific Prime hope that this is the beginning of the trend for insurers to realise how essential it is becoming to take all the necessary steps to create the fastest application procedure possible and are glad that Allianz Worldwide Care have already realised this and have been driven by the commitment of their team to create an entirely new system to meet the demands of today's market.