A new service, Risk Placement Services (RPS), has launched into the market to help make protection m...
A new service, Risk Placement Services (RPS), has launched into the market to help make protection more accessible for individuals deemed to be 'special risk' by the insurance industry.
The service is the second of its kind and follows the launch of the Special Risks Bureau (SRB) earlier in the year.
RPS is working with a panel of insurance providers, including Standard Life, Skandia, Scottish Equitable, Norwich Union, Friends Provident and Pension Annuity Friendly Society, to whom all cases will be referred. There will be only one personal details question used and the successful insurance company will pay all medical and administrative costs.
The client will receive acceptance terms from the provider via their IFA within five days of receipt of full medical evidence.
Insurers should also benefit from the service by seeing a reduction in administration and processing costs and an anticipated increase in non-standard business over time.
Geoff Tresman, director at RPS, said the service would help to smooth the administration process for advisers.
"Risk Placement Services offers IFAs a compliant service that avoids the complications of securing best advice through the multiple applications route.
"Not only does this avoid time and cost efficiencies for IFAs, it also gives them the opportunity to offer competitive rates, safe in the knowledge that the product offered is from a panel of providers who are championing the cause of the non-standard applicants," he said.
