Everyone's lining up for Life2go
Online life insurance is proving as popular with financial advisers as it is with the public.
Thursday, June 21st 2001, 10:26PM
AMP says Life2go, its first online life insurance venture, is being used as much by insurance sellers as buyers.
About half the sales through the site are directly to customers, says AMP Financial Services manager of customer solutions, Andy King.
But the other half are made through agents and AMP’s own sales team.
"For agents and our direct teams it’s almost become a business to business tool," King says.
"What we’ve found is that having the product online, it’s not just customers who are buying though that channel, advisers are using it as a low-cost, standard life product."
Seeing the way the site has been used by agents and AMP’s own team has been the biggest lesson learned from the venture, he says.
Life2go was launched (under the name EZ Life) last June offering term life cover for up to $300,000.
The risk profiling and application are done online, though a client signature is also needed.
King says the site accounts for a very low percentage of AMP’s life sales. But it has been important in helping AMP develop other online products.
"One reason we embarked on the project was as a test for us – to demonstrate how to develop online products."
Experience so far shows the Internet is an attractive, low cost way to sell insurance, he says.
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