iPipeline launched its ‘XRAE’ software that captures health and lifestyle information to produce indicative ratings from each provider.
It eliminates the need to contact numerous insurers as its results illustrate an instant decision in principal from multiple providers, with the aim of getting more clients on risk faster.
QuotePlus on LifeQuote is Direct Life & Pensions’ indicative underwriting tool that also allows the adviser to input details of the clients’ health and lifestyle in order to obtain an indicative cost for cover.
Feedback and reward
One of the best ways to improve the underwriting process is to help change it.
Feeding back to insurers when things aren’t working, and rewarding those that have good processes in place with your business can ensure that insurers listen and respond accordingly.
Andrew Wibberley, director at Alea Risk, says: “Be a part of the improvement process. If there’s a question that your clients never quite know how to answer, or something where you always end up having to explain “what they mean is…” then let the insurer know.
“Invite them to your offices to see how what they’ve designed plays out in practice. It is in everyone’s interest to make the process as smooth and effective as possible.”
At the end of the day, Mr Wibberley says advisers should reward those insurers with good processes with their business.
He says: “Take your business to those whose underwriting you find efficient, fair and reliable - market forces will mean those not meeting your needs will be forced to change and improve to compete.”
Kevin Carr is managing director of Carr Consulting & Communications and chief executive of Protection Review
