iPipeline has announced the launch of its new indicative underwriting decision tool on Assureweb, which is designed to help advisers meet their Treating Customers Fairly (TCF) duties.
It enables advisers to provide instant indicative underwritten quotes, which the firm says will accelerate the selling of protection, manage client expectations at the start of the sales process and allow providers to better utilise resources for more complex enquiries.
XRAE was designed to help advisers set accurate expectations with clients from the outset to meet the terms of Treating Customers Fairly (TCF).
Ian Teague, UK managing director of iPipeline said: "There has long been a need in the industry for a rules-based indicative underwriting solution, which ensures protection is accurately quoted to reduce underwriting delays, lower costs, and minimise lost sales."
By capturing health and lifestyle information, XRAE produces indicative ratings based on each provider's underwriting rules.
Advisers will not have to contact numerous providers to evaluate how a client will be rated and the quote provides a single, comparative view of results which shows instant decision from providers, increasing the opportunity of getting more clients "on risk faster", the firm said.
The service has launched with providers including Ageas Protect, LV=, Bright Grey , Scottish Provident and Zurich.
It is available on the Assureweb Portal's Protection service and free to the site's adviser members.
The service also allows advisers to electronically store results to provide an audit trail and easily demonstrate compliance via its Emailmyquote service.
Broderick Whiting, head of technology solutions at threesixty services added, "I was treated to a preview of the XRAE proposition. It is a great example of how new technology can speed up the process of providing protection business. The XRAE product will be beneficial to firms as it provides an easy solution for gathering multiple life company underwriting decisions on some of the most common lifestyle and medical conditions.
"This refining of the quotation process will enable advisers to give clients a more accurate cost early in the advice process. It will reduce the number of calls to underwriting desks, improve client expectations and speed up the time it takes to get clients on risk and therefore provide real benefits to clients and providers alike."
