Fulfilling a client's simple request for a mortgage protection policy, it seems I have to send him at least four pages of illustration, 12 pages of key features and 20 pages of application form, these latter two items covering every protection product in the insurance company's armoury.
Not only is this a waste of paper, my printing ink and postage but, more importantly, it is extremely confusing to the client.
Eight per cent of the wording on the KFDs and 60 per cent of the application simply does not apply to him. By the time he has read similar wording three times on each of the different products, he could well wrongly believe that his DTA policy will give him every protection benefit under the sun.
Worst still, consider the client who wants mortgage protection, income protection for him and his wife and family income benefit. I find that the most competitive premium comes from using four different providers.
I have to send him 16 pages of illustrations with 48 pages of key feature documents and 80 pages of application forms, all saying similar but not quite the same things covering every protection policy in each company's armoury.
The compliance depart-ments can say that they are being compliant but where is any real thought for the client?
Compliance should be about making things easier and more explicit for the client to understand.
Companies that produce these voluminous protection KFDs and cover-all applications really should think again. I do not want to spend my time putting lines through 76 pages of KFDs and 48 pages of application every time I properly broke the client's needs.
Surely, as all the illustrations and KFDs are printed from the computer/ internet these days, it would not be too hard for companies to organise the software so they only print the pages of KFDs and application forms that apply to the specific products illustrated.
This would save me time and costs and, more import-antly, the client would have sensible KFDs, where 100 per cent of the wording in the documents apply to him. He might even have a go at the application form. Let's have a bit of client and environ-mentally-friendly assistance.
Direct Financial Services, Southsea, Hampshire