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Online key to reducing rejected critical claims

Online underwriting is the key to reducing the number of critical-illness cover claims rejected for non-disclosure, accor-ding to Direct Life & Pensions.

The Financial Ombudsman Service’s recently said that in many cases of non-disclosure on application forms for protection products, it was found that clients had disclosed information to their advisers but the information was inaccurately recorded.

DLP, which launched its Intelligent Protection system through LifeQuote in January, says online tools must be adop-ted if the industry is to make any headway towards reducing cases of non-disclosure and improving transparency, ultimately reducing the likelihood of advisers being blamed by their clients for the blame being passed on to the adviser.

Dr Marius Barnard, the pioneering South African heart surgeon who helped develop critical cover backs DLP’s online system. He says: “Advisers have a duty to do everything possible to make sure that non-disclosure is minimised and claims are paid, if they fail to do so, they deserve to be sued.”

“Intelligent Protection makes sure all protection needs are correctly identified and prioritised, leading to the correct advice been given, with the risk of non-disclosure being removed. This means patients and advisers’ clients will get benefits when they need it most.”

DLP sales and marketing director Richard Verdin says: “The introduction of online submission and underwriting tools has solved a number of issues and introduced a number of efficiencies for insurers but recent reports suggest they do little to affect non-disclosure rates.

“The industry has to face up to the fact that re-engineering the whole advice and application processes will be essential if we are to maintain the confidence of advisers to advise on and customers to buy protection products.”


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Property price rises forecast to beat inflation

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Class seminars from Canada Life

Canada Life is running a series of group insurance seminars between June 6 and July 6 2006 covering its internet-based e-business portal CLASS. Advisers can learn about its absence management and employee assistance programmes.


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