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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.”


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.


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