The number of IFAs adopting tele-underwriting application services looks set to double over the next 12 months, according to new research.
The latest findings by Bristol-based insurer, AXA, showed that 53% of intermediaries expect to be using a tele-underwriting system to transact protection business within the next year.
This would be a major increase compared with the 21% of advisers that currently use this underwriting method.
The poll, which was carried out among a panel of 100 IFAs in April 2005, revealed that 41% of advisers believe tele-underwriting would make their lives easier and enable them to provide a better service to their clients.
More than a quarter of advisers also believe that tele-underwriting will save them time and free them up to deal with more clients. Only 12% thought tele-underwriting would not make a difference to their business and 4% said they have no intention of ever adopting it.
"Tele-underwriting is clearly recognised by many intermediaries as providing benefits to their business in terms of creating more sales opportunities and saving time in the sales process. It is encouraging to see so many of them saying they will now be integrating it into their way of working," said Paul Bennett, protection marketing manager at AXA.
Some 58% of the respondents also thought they would increase their technology budget over the next 12 months, with 12% suggesting that this expenditure would more than double.
