Protection intermediary Lifesearch expects to increase its electronically submitted applications to 90 per cent in a move its says will allow it to deal with half of its weekly protection applications within a quarter of an hour.
LifeSearch arranges insurance for around 400 families each week, with half covered in the same day without additional underwriting requirements. Seventy per cent of applications are currently online.
It hopes to be able to provide life cover within 15 minutes for over 200 applications per week. The ongoing development of electronic applications by providers such as Legal & General and Friends Provident is facilitating the increase in their on-line business according to the independent protection specialist.
It is effectively cutting out paper applications, reducing the requirement for consumers to complete lengthy application forms, easing admin and increasing processing speeds.
Friends Provident head of e-business Dave Mace says: “Traditional paper-based processes are a real problem for IFAs, taking up too much time and effort. We are delighted to be working with Lifesearch. As long as their processes are slick, they should be able to achieve their goal.”
Lifesearch development manager Emma Thomson says: “We began to submit business electronically in 2001 with Legal & General, as we believed this would improve the service we offer to our clients. Paperless applications allow better control, quicker acceptance, less delays and most importantly fewer mistakes from insurance companies.”