Technology
Emphasising once again the benefits of utilising technology to write business more efficiently, speakers from Scottish Equitable Protect told intermediaries attending the COVER Protection Forum of the latest advances in electronic underwriting.
Mark Preston, underwriting manager at Scottish Equitable Protect, said, with 30% of incomplete paper applications being submitted, the advent of online applications has the potential to reinvigorate the lengthy and inefficient underwriting process. With many advisers finding it difficult to get access to underwriters, he also suggested intermediaries should take advantage of underwriting helplines.
Preston also cited research carried out by Scottish Equitable Protect, which indicated that 85% of point-of-sale questionnaires are accepted without requiring a GP report. "Using these online tools can vastly increase efficiency as the time taken to return a questionnaire is around seven days as opposed to 21 days for a GPR," he said.
He also urged advisers to look at other means of collecting medical evidence such as employing paramedic screening. "A nurse can visit a client in their home, take a urine sample and test their blood pressure for around £35 less than the cost of a GPR. Paper business will be around for a while yet, but e-business is definitely on the rise," he added.
Preston's comments come just months after Scottish Equitable launched their own e-commerce system. The initiative offers advisers end-to-end processing allowing them to submit multi-benefit applications including income protection.
The solution is part of the company's ongoing attempts to make it easier for intermediaries to write new protection business. The provider aims to conduct 25% of all its business electronically by early next year with the hope that this figure will reach 40% by the end of 2005.
nAll presentations are available online at: www.covermaga zine.co.uk
