Quote+ weeks from adviser launch

Quote+, a universal application process for protection insurance products is to be rolled by Direct Life to the adviser community within weeks.

Currently under trial with ten protection providers Quote+ pre-screens applicants and seeks to address the huge fall off between initial application and final conversion.

The universal application process, which includes term, family protection and critical illness insurance products, addresses the issue of providing a price to a customer without having obtained meaningful data.

By adding 14 pre-screening questions, the technology will provide more accurate pricing and will direct customers to insurers that are most likely to cover the applicant, taking into account those who operate a preferred lives policy.

Rob Quayle, managing director of Direct Life, said: "The insurers are coming to the end of testing and, if all goes well we are looking at six weeks to roll out.

"Then once it is out the insurers can start innovating, for example by putting advice triggers in the questions asked. This will open up a new field of competition, as at the moment I don't think advisers are aware of who is rating on what."

He added: "In the future the Ombudsman will more and more side with the public on quotes issues. The question is ‘is there a case for as much post quote underwriting as we do now?' I don't think so.

More on Critical Illness

Critical illness claims down due to delayed health checks: Royal London

Critical illness claims down due to delayed health checks: Royal London

Awareness during ‘Movember’

John Brazier
clock 19 November 2021 • 1 min read
Talking openly about money benefit overall health and relationships

Members must start conversations around later life and care funding, says CII

24 million adults underconfident about managing money

Georgie Lee
clock 12 November 2021 • 1 min read
Alan Lakey: The value of congenital condition cover for children

Alan Lakey: The value of congenital condition cover for children

'An area that creates confusion with the potential for inferior advice'

Alan Lakey
clock 01 November 2021 • 3 min read

Highlights

COVER Excellence Awards 2021: All the winners revealed!

COVER Excellence Awards 2021: All the winners revealed!

Leading With Distinction

COVER
clock 03 November 2021 • 2 min read
COVER Excellence Awards 2021: The Night in Pictures

COVER Excellence Awards 2021: The Night in Pictures

A photo gallery from COVER Excellence Awards 2021, held at The Brewery, London, on 2 November.

COVER
clock 03 November 2021 • 1 min read
Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

Gosia Bowling: The role of behavioural science in creating a menopause-friendly workplace

'The key to supporting menopausal women is creating a culture in which conversations are welcomed and expected'

Gosia Bowling
clock 02 November 2021 • 6 min read