39-minute processing, 95% claims paid, 164 new advisers trained

Partners Life is processing Quote for Alteration (QFA) documents in an average of 39 minutes - 24% quicker than paper applications, according to CEO Michael Weston.

Speaking to 700+ advisers at Partners Life’s recent roadshow, Weston also mentioned that new business processing is sitting at approximately 28 minutes. Customer wait times have dropped 15% since QFA was implemented in September.

The QFA system allows advisers to process alterations digitally for clients adjusting coverage due to financial pressure or changed circumstances. Weston noted that having a major global shareholder has been valuable for these kinds of tech investments.

"One of the benefits of having a shareholder like Dai-ichi Group is the ability to invest for the long term,” he said. “We began laying out the technology investments for what we're delivering today over a year ago.”

On adviser development, Partners Life trained 164 participants through its free new adviser training course over 12 months, with 49 graduates receiving one-on-one support through a 12-month mentorship programme.

The result is that 91% of participants remained in adviser careers - a solid rate, considering the industry's traditional 10-20% retention rate. Five training courses run annually.

"We also know that our industry needs more than just innovative products and great service. We need a vibrant and growing professional adviser community to partner with," Weston said.

Partners Life has paid $1.6 billion in claims since inception, with a 95% claims payment rate in FY24. Weston acknowledged that there are life insurers with higher payment rates - however, said that few insurers that cover both life and health can compare.