Friends Provident has set up an online underwriting service for protection business through major portals such as Assureweb and the Exchange.
Friends says the eSelect Protection system will give immediate online underwriting decisions for cases where no further medical evidence is required, which is estimated to be more than of 60 per cent of cases, cutting the process down to minutes. IFAs are kept in touch with progress throughout the process and can print out a policy document.
The system will also enable IFAs to write policies under trust by providing trust forms online for completion and submission, complete and submit online supplementary health and occupation questionnaires, and ensure on risk life cover at exchange of contract for mortgage cases.
Head of protection marketing Peter Hamilton says: “We recognise that technology on its own will not transform a business and that there are many IFAs with many different sales processes. We hope, however, that this will be seen as a major boost for IFAs, improving service standards and giving them greater control over the processing of their new business.”
Life Polices Direct managing director Jason King says: “Friends Provident has broken new ground with eSelect Protection online as acceptance terms are available online and we are even able to print off and send out GPR requests and policy documents ourselves.”