Expert examines the benefits of technology for advisers in a changing landscape
With Consumer Duty deadlines fast approaching, among other shifts in the market, the industry is set to alter significantly and advisers are expected to embrace a multitude of change.
Rob Quayle (pictured), managing director of LifeQuote, said protection advisers should turn to technology to ensure that they stay ahead of the changing regulatory landscape, freeing up valuable time for customer liaison, to ensure that they are delivering the best possible outcomes for clients.
So, how can technological advancements help support protection advisers in driving efficiencies, reducing costs and streamlining the protection journey for their clients?
Driving internal and external efficiencies
“With the increased integration of technology into the protection journey, it is evident that providers can benefit through reduced costs and improved efficiencies,” Quayle said.
He explained that technology could benefit advisers by automating repetitive and time-consuming data entry and document processing tasks, such as completing applications.
“Advisers can also benefit from automated protection quotes, including multiple products in one request, in addition to comparing multi-benefit protection quotes against individual benefits,” he said.
Furthermore, Quayle reasoned that data integration, featured on Customer Relationship Management (CRM) systems, could reduce the time and effort expended during the underwriting process, and allow advisers to check in on the status of their cases at the click-of-a-button for each insurer they work with.
Case tracking systems, Quayle said, could also quickly provide advisers with a comprehensive view of pre- and post-submission protection cases, across all stages of the process.
Likewise, he believed the advent of online platforms, apps and digital channels had made it easier for customers to check in on the status of their application, providing peace of mind and allowing them to feel more involved in the process.
Communicating during a cost-of-living crisis
Investing in time-saving technology, Quayle said, was crucial for protection advisers, particularly during the cost-of-living crisis.
When households were looking at ways to cut outgoings due to increased pressure on finances, he believed advisers had a crucial role in communicating the value of retaining protection policies.
“Whilst advisers do have several cards to play, including highlighting the extent to which the pandemic has exposed the importance of protection policies, only through holding personal conversations with clients will advisers be able to highlight the significance of having cover in place,” Quayle said.
Therefore, he added, reducing time-consuming admin tasks with the help of technology and by using outsource specialists, advisers would be able to spend more time servicing clients, and communicating the benefits of future-proofing their finances through insurance.
Similarly, Quayle said that as advisers continued to navigate the challenges of selling protection during the cost-of-living crisis, he believed technology could enable protection advisers to offer a more tailored service to their customers, through cutting down on paperwork and thus freeing up more time to meet and advise clients.
“With end-to-end platforms, advisers can save, on average, three hours per case; three extra hours which can be spent on client liaison and improving customer outcomes,” he said.
Client expectations could also be managed through the use of technological tools, which Quayle said assisted in sourcing medical or lifestyle pre-underwriting decisions from multiple insurers in one go without completing full applications.
“This then empowers advisers to communicate clearly with clients regarding realistic protection advice and minimises the chances of declined applications,” he added.
Changing regulatory landscape
In addition to the cost-of-living crisis, Quayle said advisers must also contend with upcoming changes to Consumer Duty when selling protection policies, requiring more rigorous product oversight and an increased focus on client outcomes.
With compliance a key concern for brokers, Quayle said comparison matrices could be downloaded to support policy justification and integrated into compliance processes, also covering brokers for spot checks.
Indeed, as automation reduced the likelihood of administrative errors and improves the accuracy of data, Quayle said this could lead to better decision-making and reduced the risk of selling protection, with no extra time required.
“Such developments allow advisers to spend more invaluable time with clients through driving efficiencies and streamlining the protection process, allowing them to grow their businesses and guarantee customer satisfaction at a time when client retention is paramount,” Quayle said.
Do you believe it is in protection advisers’ best interests to turn to technology amid the changing regulatory landscape? Let us know in the comment section below.
