View more on these topics

‘Tele-underwriting will take over from GP reports’

Legal & General senior operations manager Stuart Johnson believes that general practitioner reports could become a thing of the past as tele-underwriting becomes more widespread in the protection industry.

Protection experts at a Money Marketing round table last week agreed that 70 per cent of GPRs do not change underwriting dec- isions and that advances in tele-underwriting could make them unnecessary in most cases.

Johnson suggested that a separate declaration from a GP could be requested for specific illnesses but ultimately “they could be scrapped as far as possible”.

But RGA head of sales and marketing Jason Hurley war-ned that although he supports tele-underwriting per se, in some cases, it does not significantly decrease non-disclosure. Some models initially ask the IFA to take the client through questions online and will only get called by a tele-underwriter if a condition is flagged up in the automated system, that is, if the IFA and client have answered honestly.

Distribution and marketing manager Mike Farrell said he supports the system used by Royal Liver’s protection division, saying it gives IFAs choice and is supported by the security of getting a client signature, effectively moving the issue of non-disclosure from the client and IFA to the client and insurer.

Johnson said: “My personal view is that general practitioner reports will slowly be phased out and we will have to stop asking for them, leaving us to ask GPs for information on spec- ific areas. This could be coupled with a combination of tele and automated underwriting.”

Recommended

Eurolife offers investors 50% to get out early

Eurolife Assurance is offering investors in its secured bond structured product half their original investment back if they want to walk away from the company now. The alternative is to stick with the group’s five-year restructuring plan which aims to repay 88 per cent of the original investment by 2009. The bond was marketed in […]

Capita poised for Quay bid

Capita is believed to have bid for leading IFA software provider Quay software as part of its continued push into the IFA market. Quay supplies back-office technology for over 3,000 IFAs and has partnerships with major networks and product providers, including The Falcon Group, The Exchange, Selestia, Intelligent Finance, Prudential and Standard Life. Its latest […]

 Article 50 Q&A: The negotiations to watch for 

Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information  Investment risks  Neptune funds may have a high historic volatility rating and past performance is not a […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com