The Exchange has launched a Special Risks Centre (SRC) on its IFA portal to enable faster and more e...
The Exchange has launched a Special Risks Centre (SRC) on its IFA portal to enable faster and more efficient processing of non-standard life and protection cases. The SRC will be made available on Exweb, Exweb Broker and Exweb Call-Centre. Other products such as impaired annuities and immediate long term care may also be added at a later stage.
SRC's application and underwriting process will be provided by Risk Placement Services (RPS), in conjunction with third-party underwriting and claims risk management services provider, Otter Risk Solutions.
Research from the Exchange has shown that 62% of intermediaries can identify clients as being non-standard risk at pre-quotation stage. The SRC will help this process by providing information on what constitutes a special risk case and will enable intermediaries to get the best available rate for these clients.
Intermediaries using the service can refer special cases to RPS, which has access to a dedicated panel of protection writers.
Otter Risk Solutions will identify and obtain the necessary medical evidence and any other information required for the underwriting of each application.
It is estimated that the process will help to reduce the level of multiple applications per individual case, saving the industry millions of pounds.
Geoff Tresman, managing director at RPS said: "We are delighted to be working in partnership with The Exchange to deliver significant added value to the IFA community."
