Protection  

How to speed up protection underwriting process

    CPD
    Approx.40min

    iPipeline launched its ‘XRAE’ software that captures health and lifestyle information to produce indicative ratings from each provider.

    It eliminates the need to contact numerous insurers as its results illustrate an instant decision in principal from multiple providers, with the aim of getting more clients on risk faster.

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    QuotePlus on LifeQuote is Direct Life & Pensions’ indicative underwriting tool that also allows the adviser to input details of the clients’ health and lifestyle in order to obtain an indicative cost for cover.

    Feedback and reward

    One of the best ways to improve the underwriting process is to help change it.

    Feeding back to insurers when things aren’t working, and rewarding those that have good processes in place with your business can ensure that insurers listen and respond accordingly.

    Andrew Wibberley, director at Alea Risk, says: “Be a part of the improvement process. If there’s a question that your clients never quite know how to answer, or something where you always end up having to explain “what they mean is…” then let the insurer know.

    “Invite them to your offices to see how what they’ve designed plays out in practice. It is in everyone’s interest to make the process as smooth and effective as possible.”

    At the end of the day, Mr Wibberley says advisers should reward those insurers with good processes with their business.

    He says: “Take your business to those whose underwriting you find efficient, fair and reliable - market forces will mean those not meeting your needs will be forced to change and improve to compete.”

    Kevin Carr is managing director of Carr Consulting & Communications and chief executive of Protection Review

    CPD
    Approx.40min

    Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

    1. What is the name of the system launched to enable advisers to obtain fully underwritten ‘ready to buy’ protection quotes?

    2. What does requesting a subject access request instead of a general practitioner’s report allow insurers to do?

    3. Which portal launched a software called XRAE to capture medical information and give indicative quotes?

    4. What does Drewberry Insurance say is one of the best ways of speeding up the receipt of GP reports?

    5. How may providing insurers with more medical information than they need affect the underwriting process, according to Alea Risk?

    6. What percentage of customers does Mr McKenna say the protection industry should be able to offer a ‘buy now’ price to?

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