PPS Mutual transforms underwriting process

Mutual life insurer PPS Mutual has removed several assessments to its medical and financial underwriting requirements to speed up the application process and benefit members.

The mutual insurer has removed the “quick check medical requirement” for prospective members under 35 who are seeking income protection of $15,000 per month.

Members of all ages are no longer required to test for Hepatitis B, Hepatitis C and HIV when applying for life insurance of up to $20 million, total and permanent disability of up to $5 million, trauma insurance of up to $2 million and income protection of up to $30,000 per month.

In addition, PPS Mutual have removed the need for members to complete a financial questionnaire. Instead, it will request information that is only relevant to the risk assessment.

PPS Mutual head of underwriting and claims management Marcello Bertasso said the rising costs of assessments impacted the amount of profit returned to members and the changes will reduce the application process by weeks.

“These recent changes form part of our ongoing commitment to continue to tailor our approach to serve the best interests of our members at all times,” he said.

“Furthermore, a similar review of our underwriting book considering their financial risk profile found that no additional insights were added by the required questionnaires or third-party sign offs.

“We are guided by evidence-based principles, and will continue to seek feedback, analyse our processes and customise our underwriting methodology, to ease the process for our members, while maintaining a sustainable approach to our overall risk profile.”