New provider announces controlled rollout via portals to IFAs
Bright Grey is to launch its long-awaited protection range to intermediaries over the next three months, in a controlled rollout via industry portals, with quotes available on Exweb from 31 March.
A few days after the initial launch, the product will be available via The Exchange portal and slowly rolled out to the rest of the IFA community over the following 12 weeks. The product ' an individual flexible menu plan ' will provide six core covers: life assurance, critical illness (CI), income protection, mortgage protection, unemployment cover and payment protection. Not surprisingly, long-term guaran- teed rates will not be offered on CI products, instead a five-year reviewable term.
The provider has stated all along that its proposition to advisers is about service rather than products. The introduction of longer application forms and modern IT systems is what will make this range stand out from the crowd, according to Bright Grey. It has promised quick turn-around times on application forms and speedier underwriting processes.
'Spending an extra 10 minutes at application point will mean a much faster turn- around and a much higher percentage of cleaner applic- ations,' said Susan Sneddon, communications director at Bright Grey. Sneddon said the reason behind the managed launch is to get the service element right and live up to the high expectations of advisers.
'What we are not going to do is launch with a big bang and open the door to all IFAs at once. A key part of our proposition is to give a great service to IFAs and we are keen to be sure we can manage the volumes. As soon as we know we are able to give the service we want to, we will gradually switch on more and more IFAs,' she said.
David Robinson, chief exec- utive of Bright Grey, said he was confident advisers would be impressed with the service and it would be service levels, rather than the product or price that would prompt them to place business with them in the future.
'Thinking about products is a manufacturing industry conc- ept, whereas we are a service industry and what customers require are good solutions. We are taking a more holistic approach to the protection market than IFAs will find anywhere else,' he said.
