Since setting up its own expert underwriting system in March, the company says that 63 per cent of its business has been submitted through the online system.
Managing director Roger Edwards says it is likely it will now beat the firm’s target of 80 per cent by December.
He says: “By the middle of this year, we were expecting to be around 40 per cent but we are up at 63 per cent already.”
Edwards says as a result of using the system, Bright Grey has seen a 10 per cent reduction in the need to go for further medical evidence.
He says: “The biggest bugbear in the protection industry is if you have to go for further medical evidence. Less medical evidence means quicker proposals through the system.”
He adds that says Bright Grey will never have 100 per cent of its business through online underwriting because it has no plans to scrap paper applications but it is considering a tele-underwriting platform.
Edwards says: “Now that the expert underwriting system is in place, it gives us a great foundation upon which to build a tele-underwriting platform.
“The main advantage for the adviser is that it simplifies the process. They do their job in giving the advice and recommending the product, then the provider collects the data over the phone. For the client it makes it less likely that any information will be non-disclosed which means there is less of a chance of a claim being declined for that reason.”