Norwich Union has negotiated a link from The Exchange IFA portal that will allow term assurance c...
Norwich Union has negotiated a link from The Exchange IFA portal that will allow term assurance cases to be submitted online, writes Paul Robertson.
If clean, the application will generate an acceptance decision within minutes, and the entire process will be completed in around 15 minutes, compared with four days for the old manual system.
At the moment the service, called 'Life Cover in an Instant,' is available only on Norwich Union's own IFA extranet, which went live on 4 February. At the moment only Legal & General offers a similar capability.
Keith Simm, mortgage and protection marketing manager at Norwich Union, said: 'From the 18 February, there will be a link from The Exchange so IFAs will be able to go from the portal directly into the online application form.
'IFAs will be able to run from a comparison to a quote to a submission of the application form and a decision from Norwich Union all online. Obviously we are talking to the other main portals in terms of having links from them as well.'
Apart from the online process, Norwich Union is offering an off-line process that will pre-populate an off-line application form from the fact find, which would then be sent online but processed via the normal new business system, with acceptance terms in the post. This would enable the IFA to take a laptop to a client and do a fact find then send the application later. If the application is not clean then the off-line method would also be used.
