Canada Life has confirmed a series of new additions to its CLASS online group insurance system. Spea...
Canada Life has confirmed a series of new additions to its CLASS online group insurance system. Speaking at the Association of Medical Insurance Intermediaries (AMII) conference in Coventry, Daniel Stewart, CLASS business development manager at Canada Life, said the system would offer instant group-risk renewals at the end of July.
He said: "At the moment, for group risk this procedure takes a minimum of 30 working days; with this addition, the procedure should take the intermediary under 15 minutes. Brokers will have an end-to-end system from quote to admin to renewal - entirely online."
Following E-renewal's launch, the insurer is to introduce changes to its death-in-service offering. CLASS is to allow up to eight times salary and will introduce flat sums in benefit.
"In future, this system should and will be how everyone does business in the group risk market," said Stewart.
Other July additions include: e-admin that will allow the broker to request risk amendments to be dealt with online - for example, changing the benefit from three to four times salary on a group life scheme.
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