View more on these topics

Royal Liver hits out at ABI online and telephone protection guidance

Progress from Royal Liver has hit out at the Association of British Insurers’ guidance for online and telephone protection business, particularly for not addressing the issue of wet signatures.

The guidance, published on Tuesday, urges insurers to send the completed application form to the client to check but it does not mention wet signatures.

Progress IFA market manager Andy Milburn says: “There is nothing about the client signing to say that the answers are correct or incorrect at this point.

“Sadly we knew this would happen. How is this going to help us reduce the issue of non-disclosure in the industry? This is almost more important than any review of Total Permanent Disability yet it has been ignored again.”

The guidance says insurers should have scripts for tele-underwriting and put processes in place to make sure tele-interviewers stick to the script.

But Milburn claims these controls should be expertise based rather than process based as they would potentially restrict experienced underwriters.

He says: “An inexperienced call centre team member or inexperienced underwriter would need to stay on script but an experienced underwriter may be right to go off script as they would know to probe some answers to more depth.”

Recommended

Commerce Centre signs up two more partners

The Commerce Centre has set up strategic partnerships with Affirmative Finance and Crystal Software.The Thinc Group subsidiary, which acts as a portal for non-regulated lending products, is linking with Affirmative Finance to enable advisers to access its commercial and residential bridging lending.Crystal Software’s Momentum technology platform will be used to support The Commerce Centre’s services, […]

UK funds under management hit £456bn

Funds under management of UK domiciled investment funds reached £456 billion in July, a fall of 1.6 per cent from June but 22 per cent higher than July 2006, according to IMA figures.

August sees house prices at standstill

House price growth has slowed to the lowest rate since November 2005, according to Hometrack.August has seen monthly growth of just 0.1 per cent, down from a recent high of 1.8 per cent in March.Hometrack says it is the fifth consecutive month of slower house price growth, indicating a deep-rooted slowdown resulting from increased pressures […]

IMLA members predict easing of high risk business volumes

IMLA has found that intermediary lenders expect to see an easing of business volumes in the higher risk categories of lending, while lower risk mortgage business will continue to grow.Self-certification business is expected to decline by around 2 per cent over the next quarter, while light, medium and heavy adverse volumes are predicted to ease […]

2016 Global Survey of Individual Investors: How is investor behaviour rewriting the job description for financial professionals?

Trapped between expectations for near double-digit returns and strong apprehensions about investing in persistently volatile markets, investors worldwide are of the opinion that professional financial advice is worth the fee. But even though they believe individuals who work with a financial professional are more likely to achieve their goals, investors have a clear vision of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment