Tele-underwriting
Tele-underwriting could help to lower protection premiums, according to Iain Mallon, head of protection at AXA.
Speaking at the COVER Protection Forum, held at the Brewery in the City of London, Mallon said intermediaries using tele-underwriting could reap a huge number of benefits, which could in turn be passed on to their clients in the form of reduced premiums.
"Tele-underwriting could remove the burden of information gathering and free intermediaries from having to ask embarrassing questions. It would also help them by keeping a recorded validation of reasons why a customer opted for a certain policy," he explained.
"This could help solve some of the industry's problems, which in turn could help to lower prices."
But despite Mallon's suggestion, recent research by AXA shows that nine out of 10 intermediaries have still not used this underwriting method.
