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Consumers five times more likely to non-disclose with paper applications

Consumers are five times more likely to non-disclose when they apply for protection policies on paper rather than with tele-underwritten applications, according to Axa.

Axa surveyed over 9,500 applications over the past year and found 5.78 per cent of policies applied for on paper contained non-disclosure which could lead to a claim being declined, compared to 3.48 per cent for electronic applications and 1.23 per cent for tele-underwriting applications.

Axa chief underwriter Mike Taylor says the research shows tele-underwriters’ knowledge combined with Axa’s underwriting system ensures the relevant questions are asked and hugely reduces the risk of non-disclosure.

He says: “Feedback we’ve had from advisers who have used tele-underwriting shows that one of the main advantages for them is passing the risk of not capturing the right lifestyle and health data on to us as well as saving them time by not having to fill in the form themselves.We believe that tele-underwriting can increase confidence within the industry and this is reinforced by our own claims record.”


Primary school of thought

This week, the panel responds to a question on how the panel thinks the FSA’s proposed primary advice channel should structured and integrated with the professional financial planner tier. The panel is available to answer any technical questions about the potential future market and where individual firms may want to consider positioning themselves and broader issues concerning the review. If you have any queries you want answered before submitting a response to the discussion paper, or any nagging questions you do not feel have yet been addressed in these pages, please email the panel at

Lords’ committee in call for FOS review

The House of Lords select committee on regulators is calling for a review of the Financial Ombudsman Service by the National Audit Office.The first report from the committee, published this week, says the Government should commission a review of “the economy, efficiency and effectiveness of the FOS”.It says the review should consider the extent to […]

Buckley picked as Swip chief executive

Scottish Widows Investment Partnership has appointed Dean Buckley as its new chief executive. Buckley joins from HSBC in January. Swip has recruited Winterthur investment distribution head Bernard Henhall as sales director for the new fund of funds team.


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