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ScotEq taking mystery out of underwriting to aid IFAs

Scottish Equitable Protect is relaunching its marketing campaign for its smart underwriting service for the IFA market.

The relaunch will emph-asise the increase in efficiency with smart underwriting and increase flexibility for IFAs and includes a new version of ScotEq&#39s Underwriting Today protection magazine.

Aegon UK head of underwriting Matt Rann says the aim is to demystify the und-erwriting process for IFAs and help them explain the process to clients.

ScotEq consulted with advisers and looked at the issues and concerns surrounding underwriting.

Advisers were mainly concerned with delays, the inability to contact underwriters directly and confusion over application forms.

ScotEq says another main concern for IFAs is the time it takes to get general practitioner reports.

The company, which is part of Aegon UK, says getting clients to fill out a questionnaire at the point of sale can vastly increase process efficiency.

It says 85 per cent of point-of-sale questionnaires are accepted without resorting to a GP report.

ScotEq is also looking at the viability of electronic GP reports. The firm says such a system is likely to significantly reduce the turnaround time for GP reports from 21 days to four days.

The system is currently being tested, with a likely launch date of about 12 months.

Rann says: “We advocate as much disclosure of medical and lifestyle information as possible. Our team aims to provide creative solutions and good lines of communication between underwriters and advisers and this is vital in this respect.”

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