In the wealth management industry it is superannuation, with its compulsory contribution regime and increasingly generous tax structure, that drives growth. Traditional risk insurance business runs a distant second these days. But at least one wealth management company, ING Australia, has produced a result that runs counter to the trend. In the year to September INGA made a net profit of $311 million. Earnings growth in the funds management division was up 20 per cent, while life risk earnings were up 35 per cent. Paul Bedbrook, chief executive of the joint venture company, owned 51 per cent by ING Group and 49 per cent by ANZ, said the company had pursued a strategy of growth in risk because it was a less competitive market than super and funds management. Total in-force insurance premium grew by 26 per cent, taking ING Australia to a 12.5 per cent market share and a number three ranking in the industry. Bedbrook predicted that INGA would overtake MLC and move into the number two position next year. It is already ranked number two in retail life risk sales. He said the group had made a big investment in systems that allowed it to streamline administration and application processes. This has resulted in product developments such as OneCare Express, a version of an existing product suite tailored for distribution through ANZ branches. The key feature of the product is a streamlined application. Most fully underwritten risk products have a lengthy application process that involves a long questionnaire, often a medical examination and a wait of several weeks before approval. OneCare Express uses an automated online application process that has been designed to take 15 minutes. ANZ and its underwriting partner, ING Australia, have narrowed down the list of questions to what they call the "core" set. Bedbrook said 40 per cent of applicants were approved in this way. All studies of the community take-up of life insurance show that Australians tend to be underinsured. Part of the reason is that applying for life insurance is complex and time-consuming. A 2005 study of underinsurance by consulting actuaries Rice Warner for the Investment and Financial Services Association calculated that the insurance "gap" for a worker on average earnings was several hundred thousand dollars. The study said: "For full time workers on average earnings, currently around $50,000, the range of needs for those with young children has been estimated at $500,000 to $650,000. This compares with average amounts insured for this group of the order of $70,000 for those with cover through their superannuation fund only, or $400,000 for those with both superannuation and other private cover." Bedbrook said the group will continue with investment in technology, aiming to achieve faster processing, greater simplicity of product design and administration, and increased speed to market. Bedbrook said it was unrealistic to think that INGA could maintain its rate of earnings growth in risk. Other insurers were