New solution designed to speed up the underwriting process
Friends Provident has launched a new online underwriting service into the IFA community. The service - eSelect Protection - has been running as a pilot for six months and currently has approximately 100 users. The solution has now been extended to comparative quotation portals Assureweb and The Exchange.
The service, eSelect Protection, has been designed to speed up the process of new protection applications by eliminating time consuming and expensive delays resulting from errors and omissions on application forms. The aim is to reduce the underwriting process down from days to a matter of minutes.
An automated underwriting facility enables immediate decisions to be made on cases where no further medical evidence is required - often up to 60% of cases - even if a rating applies. If additional medical information is needed, such as a GP report, the IFA can also complete and submit supplementary health and occupation questionnaires online.
Following a successful application, a copy of the policy document can then be downloaded, printed and given to the client. The system also enables IFAs to write policies under trust by providing trust forms online for completion and submission in England and Wales. It also ensures on- risk life cover at exchange of contracts for mortgage cases.
The facility means that IFAs have complete end-to-end control online over applications for term assurance, waiver of premium and critical illness. IFAs also benefit from a 10% commission uplift for business submitted online.
Peter Hamilton, head of protection marketing at Friends Provident, said: "We recognise that technology on its own will not transform a business, and that there are many IFAs with many different sales processes. However, we hope this will improve service standards and give them greater control over the processing of their new business."
Jason King, managing director at Life Policies Direct, which has been involved in the testing and development of the online initiative said: "Friends Provident has broken new ground with eSelect Protection. The end result is a quick and flexible system that enables us to obtain cover within minutes."
