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Direct Life in express delivery with underwriting deal

Protection IFA Direct Life & Pensions Services says it has developed the first tele-underwriting service for the IFA market.

Sales and marketing director Richard Verdin says the group developed the process, called Express Underwriting, in a bid to improve protection distribution.

Verdin believes advisers in the UK are generally ill-equipped to support or advise clients on how to complete application forms asking for detailed medical and family history.

DLPS&#39s research shows that advisers are well versed in product structures and benefits and are able to give advice on appropriate levels of cover but Verdin says few have had any instruction to support appropriate medical disclosure.

The company has worked with Scottish Widows, Legal & General and Friends Provident to develop its system following research with US insurer MetLife.

Reinsurers have told DLPS that its new service will lead to improvements in their mortality and morbidity experience and that this in turn could lead to future pricing advantages.

The express underwriting staff contact the intermediaries&#39 customers at home and go through detailed underwriting questions covering recent medical history, including serious illnesses and injuries, and lifestyle questions.

Verdin says: “The service cuts down the process for the intermediary by 30 or 40 minutes and leaves them free to be financial services professionals.”


Friends sees menu at risk of failure

Friends Provident believe the long-awaited Menu is attempting to achieve too much. It believes the Menu is an improvement on the Defined Payment Scheme originally proposed by the FSA but thinks expectations are unreasonably high. Friends Provident director of marketing Graham Harvey says: “Using the Menu as a tool to help address product and provider […]

Strutt & Parker Real Estate Financial Services – SPREFS Commercial Property Fund

Type: Closed-ended fund Aim: Growth and income by investing in UK commercial property Minimum investment: Lump sum £15,000, Isa £3,000 Investment split: 19.7% industrial, 25.3% offices, 55% retail Place of registration: Dublin Charges: Initial 5%, annual 1.25% Commission: Initial 3% Tel: 0870 420 5511

Key looks for partner in move on LTC market

Equity-release specialist Key Retirement Solutions is searching for a partner to help it expand into the long-term care market. It is keen to find a partner for LTC either through an acquisition, partnership or a joint venture. Managing director Colin Taylor says the company is aiming at the LTC market as its client base of […]

Axa chops with-profits bonuses

Axa Sun Life has cut bonuses for its 1.65m with-profits policyholders, with bonuses on bonds cut to 2 per cent for the year to March 2004, from 2.5 per cent the previous year and personal pensions cut to 2.25 per cent from 3 per cent. Bonuses for mortgage endowments with a 3 per cent guarantee […]


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