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UK must avoid merely copying US tele-underwriting models

Tele-underwriting will form a major part of protection business but the UK must not merely copy US models, according to this year’s Protection Review.

SelectX director Susie Cour-Palais says many UK firms are keen to apply tele-underwriting as a “plaster” without treating the underlying problems in their businesses or in their underwriting processes.

She believes the relatively immature US life insurance market is still reliant on human underwriting for review and decision-making, whereas the UK and Australia have moved further towards straight-through processing. As a result, she warns that any implement-ation of tele-underwriting must work with existing technology-based underwriting systems rather than simply add- ing another layer of complexity to get someone under risk.

In a survey by CWC Research sponsored by Scottish Re, two-thirds of distributors interviewed are in favour of insurers using tele-interviews to capture medical data.

CWC Research chief executive Clive Waller says: “The nature of the handover from adviser to insurer and the delicacy of the issue of underwriting mean agreement, rather than differentiation, must be the order of the day. It will only take one player to cut costs and perform badly to harm all.”


Asset to his committee?

I cannot believe that anyone in the financial services sector would consider it good news that John McFall is to continue as chairman of the Treasury select committee. If his knowledge of financial services is evidenced by the question he asked at the recent Fabian Society meeting on the subject of the Politics of Pensions […]

PPF costs to grow over 300m

The cost of the Pension Protection Fund will be significantly higher than 300m a year after its calculations revealed the UK’s total pension deficit is 134bn. The revised estimate will be announced at the end of November on the same day the Turner Commission is due to report. The PPF last week unveiled the calculations […]

BNP in row over Cardif Pinnacle

A banking group with pockets as deep as BNP Paribas should never have allowed the collapse of 2,600 Cardif Pinnacle income protection policies, says Paymentcare managing director Shane Craig. But BNP Paribas says that although it owns Pinnacle outright, it is a stand-alone ins-urer within the group. As reported in Money Marketing on June 30, […]

Preferred announces changes to product range

Preferred announces new two year fixed rates with no extended tie-in plus changes to its existing product range.The new two year fixed rates are fixed until September 1 2007. Rates start from 6.19 per cent verified and 6.44 per cent self certification on near prime.The relauch of the three year fixed rates have no extended […]


School fees planning

Jeremy Pearson is Technical Support Manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. Many parents value the standard of education offered by […]


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