Protection technology platform Exchange FS has announced plans to add a long term care (LTC) service...
Protection technology platform Exchange FS has announced plans to add a long term care (LTC) service to its system,writes Ben Marquand.
The move follows the results of a survey carried out among 100 IFAs by the platform, which reported 93% believed an online LTC service would increase their understanding of the product and help boost sales. 83% also said they would find it useful to have access to client-focused material on LTC .
The exact format of the service is yet to be agreed. However, following discussions with LTC providers, it is expected to include product details, policy options and details on regulatory issues. Links may also be available to provider extranets to source quotes and transact business.
Commenting on the announcement, Stephen Wynne-Jones, head of life and health protection at Exchange FS, said: 'There is an increasing realisation within the industry that LTC is an important consideration when assessing clients needs. IFAs have an important role to play and we aim to complement our existing life and health protection products by launching an LTC service that will enable them to research products and compare quotations, to increase the levels of LTC business.'
Paul Bennett, marketing manager at PPP lifetime care, said the announcement was welcome news. He said: 'When you are in a market such as this, the more you can spread your net has to be positive. So even if it is just information on products at first it is still a positive step. And because a lot of the traditional markets IFAs deal in are being squeezed by the new 1% world, LTC will start to become much more attractive to look at.'
