A decision on a life policy
application within minutes. That is the promise from UK insurer
Aviva which claims 80% of consumers who apply online using the
“super-fast quote and apply tool” for its Simplified Life product,
with cover up to £500,000 ($800,000), will have an “on-the-spot
decision” within a few minutes.

“Our sophisticated
underwriting system enables four out of five people to be covered
in a matter of minutes, without the need for further checks and
medical reports,” said Aviva director of protection marketing
Richard Verdin.

According to Aviva,
Simplified Life is the first of its kind and was developed in
response to research indicating that many people are put off by
complicated systems and the length of time it took to get life

Simplified Life offers level
and decreasing term cover and customers can be accepted on both
standard and non-standard terms.

Aviva noted that customers
who do not get an immediate online decision will normally be
referred to its manual underwriting system and will be covered for
double the amount of cover applied for up to £1m

In half of delayed
applications, the customer will still get a decision within 24
hours, according to the insurer.