General Practitioner reports are IFAs biggest protection gripe according to research held at fourteen Royal Liver roadshows.
The obtaining of GP reports came top of the list of issues that IFAs find frustrating. IFAs feel the industry in general isn’t doing enough to reduce the number of GP reports that are requested.
Royal Liver IFA market manager Andy Milburn says requesting a GP report could add as much as three weeks or even longer to the sales process and costs providers a lot of money in practitioner fees.
Otter Risk Solutions managing director Graham Spittle says: “The reaction of IFAs in the roadshows when we told them that a large percentage, possibly as high as 70 per cent of the GPR report results assessed by us in the past three years fail to change the original underwriting decision was one of surprise and frustration.”
Milburn says: “So far 90 per cent of the cases placed on risk with progress from Royal Liver since our launch have been underwritten without the need for a GP report.”