The website of New Zealand life insurance provider Pinnacle Life has won the top United States insurance industry technology innovation award.

The 2008 INNovator of the Year award went to www.pinnaclelife.co.nz, a world-first e-commerce website which pioneered electronic underwriting, offering consumers immediate online life insurance cover.

Pinnacle Life launched the website in May 2007 and the entire process from application to policy approval is fully electronic with consumers receiving their policies online, instantly.

The process takes less than 10 minutes, by the end of which full and immediate cover up to $1 million is granted without the need for a medical examination, unless certain specific conditions are highlighted.

Judges said Pinnacle Life was the only finalist whose innovation directly benefited the customer, rather than merely delivering cost savings to the insurance provider.

The INNovator Awards are organised by insurance technology publication Insurance Networking News.