The vast majority of protection policies are now written online, according to Royal Liver.
Research by the firm among 567 advisers shows 90 per cent prefer internet-based applications. IFA market manager Andy Milburn says online facilities make sense for advisers writing protection alongside mortgages, as most mortgage business is conducted on the web.
He says: “Providers offering paper-based and online new business processes are going to have to consider the costs of keeping the paper process going. At some point, paper will become unviable and providers will have to make the decision to remove it or lose money in keeping it going.”
CBK principal Peter Chadborn says: “Providers are putting more resources into online capabilities and less into paper but there are still improvements to be made. We separate the advice and application processes so the client is not always present which makes it difficult but we do not want to be Luddites.”