Underwriting tools
Underwriting tools can help advisers manage client expectations at the beginning of the protection sales process, and also aid decisions on which provider is the most suitable for your clients circumstances.
One of the biggest reasons for policies not being taken up is that when the policy goes through underwriting, the premium comes back at an increased level, and the client wasn’t expecting it.
Mr Knowles at Cura said: “Some of the most useful tools we find are actually underwriting tools. Being able to assess online how a company is likely to class an overweight client or a client with diabetes is extremely helpful and most companies now offer these.”
For example, Scottish Widows has an underwriting outcome tool: http://www.scottishwidowsprotect.co.uk/underwritingoutcome
Likewise advisers wishing to compare detailed product features can typically do so with most quote portals or ratings companies such as Defaqto. In addition, the F&TRC Quality Analyser is a free service for advisers to compare extensive product details across the protection product range.
www.advisersoftware.com
Kevin Carr is chief executive of the Protection Review