LifeQuote releases decision in principle tool

LifeQuote has developed a decision in principle tool for the protection market to assist advisers with the process of placing difficult lives with insurers.

The tool has been designed to prevent advisers producing multiple applications for each client and to improve completion rates.

It helps the adviser with collecting the necessary information and sending a detailed summary of the client's circumstances to providers.

It then automates secure distribution to each underwriter selected by the user with decisions and comments returned in the same format.

The decision in principle device is compatible with iPads and other mobile technology.

Neil McCarthy, sales and marketing director at LifeQuote, expects the utility to create efficiencies for both the adviser and life offices.

"This will end the need for multi-apping or making half a dozen lengthy repetitive calls," he said.

"Plus it's a well trodden process in the mortgage market and will lead to higher completion rates, time savings and better advice with the clients expectations correctly set and met.

"As well as selling more policies the adviser will also end up armed with an audit trail to show he's properly researched the market before advising," he added.

Direct Life and Pension Services have made the tool available to the market via the LifeQuote platform or on a stand alone basis with an annual fee and those registering now will receive the tool free for the first month.

Mike Aldridge, sales director at London & Country and an existing LifeQuote client, added: "This helps our advisers identify very early in a case if we think there are going to be complications and allows us to manage the sales journey in a completely different way leading to better outcomes for both the customer and us."