View more on these topics

Permanent set to be first with net underwriting

Permanent Insurance is set to become the first provider to offer online underwriting for protection products through IFAs&#39 websites.

The interactive facility, starting in July, will allow consumers to get quotes, send applications and underwrite their policies online through intermediary sites.

Permanent says the ser- vice will allow IFAs to compete with direct brokers such as Direct Line and new entrant EasyLife. It says the initia-tive is in response to the increasing pressure on pro-viders&#39 margins.

The facility will initially offer term insurance and critical-illness cover while income protection will be added later in the year.

IFAs can have the service hotlinked to their own sites but it will also be offered through Misys.

It has been widely anticipated within the industry that Parliament will approve digitised signatures before the present session ends. Permanent says once this has been approved for applications and direct debits, the whole process should take 15 minutes.

Sales and marketing manager Rod Macdonald says: “There is more pressure on margins but there is only so much money in the pot. The real savings will come when we are in a position to cut out the underwriters and need fewer people to key in application forms.

“The aim is to help IFAs compete in the electronic world against direct brokers such as Direct Line and EasyLife.”

Recommended

Equity trusts outperform other savings by four times

The Association of Unit Trusts and Investment Funds claims UK equity funds have performed nearly four times better than deposit accounts.AUTIF figures reveal the long term growth prospects of equity funds are 180 per cent better than savings in a building society account.Looking at growth over the past 10 years, the trade body says the […]

New Schroder fund gives to cancer research

Cancer researchers will benefit from fees raised by a healthcare investment fund to be launched this week.Schroder Unit Trusts says it will donate half the initial fees raised and then make annual donations worth 0.25 per cent of the fund&#39s value to the Cancer Research Campaign.The Medical Discovery Fund will invest for long term growth […]

Support for Standard Life conversion plummets

Standard Life says a new poll shows support for demutualisation has fallen from 32 per cent to only 18 per cent. The poll is the latest move by the life office to combat the campaign by carpetbaggers to force it to convert. The MORI poll was conducted nationwide with a random sample of 500 voting […]

Cazalet releases Standard Life numbers

Financial analyst Ned Cazalet fired off another salvo against Standard Life this weekend, claiming that on the basis of the Scottish Widows demutualisation it would be worth £16bn.Using the same methodology as Standard Life&#39s own actuarial advisors Tillinghast, Cazalet says the average windfall would be £7,000.The UK&#39s largest mutual has threatened to sue Cazalet for […]

India budget and the liquidity supercycle

Kunal Desai, manager of the Neptune India Fund, comments on how India’s 2017 budget will impact the Indian economy and equity market. Read article here: Important Information – for Investment Professionals only. Not for Retail Clients.Investment risksThe Neptune India Fund may have a high volatility rating and past performance is not a guide to future […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment