Holloway Friendly Society has reduced broker liability through the introduction of tele medical underwriting on its Income Protection policies.
Until now, when applying for income protection for their clients, IFAs have had to fill in a detailed application form, delving into their clients' medical history - now this is no longer necessary.
This will have a significant benefit for advisers as they will no longer be held responsible for the health information being submitted and so will avoid all liability in the case that a client has not disclosed all they ought to.
Advisers will have just a two-page form to fill in, instead of six pages, with their clients and the rest of the process will be completed by Holloway Friendly over the telephone.
The telephone interviewing will bring down the need for doctor's reports by between 80% and 90%. As a result the case is underwritten more quickly and easily.
Mathew Manser, sales and marketing manager Holloway Friendly's, said, "The introduction of telephone-interviewing will take all risk from advisers, while also shortening the time it takes for an IFA to set up an Income Protection policy for their clients."
