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Mark Preston: The race to beat the G-Day deadline

Mark Preston MM blog

There have been more than a few British sporting successes this year but a Briton winning the Tour de France is a feat worth celebrating. Well done Bradley Wiggins.

Now like a cheap management textbook let me use it as an analogy for the four things you need to know about the G-Day changes.

Do your preparation

Use team work

Make the big wins

Avoid the distractions

G-Day, 20 December 2012, is the last day for policies to complete on gender-specific rates. After this date increases of about 5 to 10 per cent for males and 15 to 25 per cent for females for life and critical illness premiums are generally being predicted. So how to help your clients beat the clock?

Do your preparation

Every sportsman will tell you that being prepared is the key to success. Plan which clients you need to contact, and do it as soon as possible. If you know that some clients would require underwriting plan to do them sooner rather than later.

When you see clients plan to collect their medical evidence up front. All major insurers have almost equally efficient on-line underwriting, albeit targeted at different markets.

Use team work

Bradley Wiggins was part of the Sky team. His fellow Sky cyclists are his “domestiques” in cycling-speak. Use your insurer as your domestique.

For example if a client does make a disclosure then you can set their expectations using AEGON’s Managing Client Underwriting Expectations document. And of course if you are not sure on a particular issue you can ring up one of the various insurers’ underwriting helplines.

Make big wins

In the Tour the big wins often occur in individual time trials, or breakaways during hill climbs.

Getting the right information at the right time is a big win, and you can do this yourself with client questionnaires for specific illnesses, occupations or avocations. Many insurers have such questionnaires on their advisor sites.

Getting further information subsequently often feels like climbing a mountain. However working with your insurer and client can make it easier by letting you know what information in needed. Then you can help your client by ensuring they do not miss medical appointments and that they provide the right financial information.

Avoid the distractions

At the risk of push-biking an analogy too far there is a great fanfare over the sprinter who heads the field for split-seconds at the end of the Paris stage.

At the end of the race up to G-Day insurers will be pulling out all the stops to get them through on time. The exact rules for completing a policy by G-Day will vary by insurer depending on details of their process and wordings. It’s a topic that seems to be exciting some in the market and insurer’s legal teams, but is a total red herring to the key issue:

“Help you clients take advantage of the opportunity, get cases in early, win the yellow jersey.”

Mark Preston is head of underwriting at Aegon

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