View more on these topics

Fortis system explains loading

Fortis Life UK is developing an automated system to explain to advisers why policy applications are being loaded.

The system, due to launch in the second quarter this year, has been designed to make it easier for advisers to explain to their clients why a premium has been loaded or why exclusions may apply.

Traditionally, providers have refused to provide such information, making it difficult for advisers to manage client expectations. However, this new system presents the underwriter’s decision direct to the adviser’s computer screen and within the policy terms and conditions.

Managing director Martin Werth says: “We are effectively giving our IFAs an underwriter on their desktop who can actually tell them why a decision was as it was.”

Head of underwriting and claims Lynda Mizen says: “One of the things we were well aware when we were designing the systems was the distributor gets very frustrated when they get a sub-standard decision for anything other than normal terms and they do not know why.”

CBK Colchester principal Peter Chadborn says: “Any kind of explanation, generic or otherwise, would be hugely welcomed.”

Recommended

Printing cash widens gap

The pension deficit of UK companies has soared by £100bn to a record £390bn due to the Bank of England’s quantitative easing programme, according to Hargreaves Lansdown.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com