The express underwriting system uses forms which have no medical or family questions, reducing LifeQuote’s application form to one page compared with over 10 pages from some intermediaries.
IFAs’ clients are called by a member of LifeQuote’s underwriting team at a pre-arranged time and medical questions are asked by staff trained in medical terminology. Any product questions or advice matters are referred back to the adviser.
The aim is to offer quicker underwriting decisions for the majority of customers while saving advisers time. It also means the adviser doe not have to ask intrusive or sensitive medical questions.
The responsibility for collecting and inputting answers to medical questions rests with Express Underwriting so the service potentially removes the possibility of advisers miskeying data, making errors while utilising online systems and misstatements.
LifeQuote, which is part of the Skipton Group, res-earched the US market, where tele-underwriting has been part of advisers’ business for many years.
Legal & General, Scottish Widows, Friends Provident and Scottish Equitable have signed up to the scheme. Norwich Union will join by the end of November and Standard Life joins at the end of December. LifeQuote is also in talks with other insurers.
Sales and marketing manager Richard Verdin says: “With Express Underwriting, we have taken the very best practice for life insurance in the UK and applied it with modifications to the UK. In doing so, we have created a unique new business process that will bring value to customers, advisers, insurers and reinsurers.”