The firm studied 657 cases from five different protection providers. The results show its nurse tele-interviews uncover 5.5 per cent more information that could significantly change the underwriting decision for income protection than a GP report and an extra 3 per cent for life and critical-illness cover.
Providers traditionally considered GPRs to be the best source of information on an applicant’s medical history but managing director Andrew Gething says the increase in specialists such as physiotherapists has led to a fall in the report’s quality.
A GPR costs £80 and takes round 28 days to process while tele-interviews costs £40-50 and are generally turned round in 5.5 days.
Gething says: “Our customers have reduced the amount of GPRs by 60-70 per cent and halved their turn-round times. This dramatic improvement in our service and the present drop in mortgage business give us a window of opportunity to increase protection sales.”
Lincoln Financial Group chief underwriter Keith Robertson says: “A Morgan-Ash tele-interview has proven to be better than the GPR and we are now using it as our primary source of collecting applicants’ medical information and reducing dramatically the numbers of GPRs that we require.”