Bright Grey is launching its own independent expert underwriting system to reduce application processing times.
The protection specialist company says that the system, which is called quote and apply, improves pass rates, helps clients get cover more quickly and saves advisers time at point of sale.
The system is planned to be launched later this month and Bright Grey believes that the system will improve service through allowing quotes to be refined once an initial decision has been given.
It says that advisers can add, amend or delete cover or lives before submitting an application.
Bright Grey distribution director Andy Peters says: “Developing our own expert underwriting system sets us apart from the rest of the market who are reliant on technology owned by reinsurers. This independence gives Bright Grey a competitive advantage to develop and grow rapidly in existing and new markets.”
Financial Technology Research Centre director Ian McKenna considers that the creation of a reinsurer independent underwriting engine is an important step forward for Bright Grey.
He says: “Advisers are always looking to work with organisations that can be fast and flexible. This should give the company a significant commercial advantage over some of their bigger competitors in the future.”