Exeter calls on providers to reduce cover delay
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Exeter Friendly Society chief exe-cutive Andy Chapman has called on providers to develop ways to cut the time it takes to get clients who have applied for income protection policies on risk, as he estimates the industry average is around 20 days.
Chapman says gathering more simple information up front - such as height, weight, blood pressure and even postcode - would remove the need for a medical report from a doctor.
He says: “Effectively, it would rewrite the underwriting book and take other proxies for hea-lth. The traditional way to check medical evidence is to ask for a report from a person’s GP and that inherently just adds time.”
Master Adviser senior partner Roy McLoughlin says:”Anything that reduces the underwriting time is positive because it is prohibitive to the selling of the product. There needs to be more analysis into what is stopping policies being underwritten.”
Last year, Aviva piloted using postcode pricing for its protection products.
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