Scottish Equitable Protect is launching an e-commerce initiative as part of its development of its online protection business processing.
The new service offers end-to-end processing. If an application meets the auto-underwriting criteria, an automatic acceptance decision will be given.
Scot Eq will be launching a fully comprehensive underwriting system in early 2005.
The system will allow intermediaries to save incomplete applications and recall them up to thirty days later. Illustrations can also be saved and emailed to clients. Multi-benefit applications are available, including income protection.
Scot Eq is offering an extra 10 per cent commissionn for all personal and mortgage business submitted online as part of the launch.
A pilot for real-time pricing as abandoned after mixed feedback from IFAs.
Scot Eq protect head of operations Heather Armstrong says: “We aim to write at least 25 per cent of our total business via e-commerce by early 2005 increasing to 40 per cent by the end of the year. Our e-commerce initiative is the most significant strategic development for Scottish Equitable Protect this year and we have major ambitions as we move to end-to-end processing.”