Online business set to grow - Canada Life

Canada Life has revealed that almost half of its small scheme new business is being done online.

The group risk insurer has predicted that advisers will continue to move to online quoting and business processes during 2012.

Its internet based eBusiness Portal (CLASS) now accounts for 28% of new business premium (2011) and 46% of new cases (2011) for schemes with less than 50 lives.

And the provider believes by the end of 2012 more than over half of new cases for small schemes will be processed online as advisers look for more efficient ways to write business over the coming year.

Paul Avis, sales and marketing director of Canada Life, said: "As we draw closer to the Retail Distribution Review (RDR) advisers will be looking for ways to work through their administration more quickly and efficiently whilst cross selling to raise extra revenue.

"The ability to quote and then process schemes online means that they will have more time available to approach new clients and maximise their profitability.

"There is a clear opportunity for advisers to grow their client list as we approach auto-enrolment and portals such as CLASS will only help to streamline the process," he added.