LifeQuote’s Express Underwriting forms have no medical or family history questions, meaning one sheet of A4 paper is needed as opposed to the 12-20 pages usually required by insurers.
The form removes the need for advisers having to ask intrusive and sensitive medical questions of their clients. Customers are then called, at a time they have indicated as convenient to them, and taken through all the relevant questions and answers with them.
If customers ask about any product or advice they are immediately referred directly to their advisers.
Richard Verdin, LifeQuote’s sales and marketing director, said that much of the underwriting with term assurance had been shifted to the point-of-sale. The new system was aimed at reversing that trend.
He said: “As a service company we have sought to offer advisers a superior way of writing business. We have created a business process that will bring value to customers, advisers, insurers and re-insurers.”
The initiative also removes the potential liability on advisers from mis-keying data, mis-statements and making errors with online systems as the responsibility for collecting and inputting answers to insurer’s detailed medical questions rests with Express Underwriting.
Patrick Bunton, director at London & Country, which has road-tested the system, said: “We wanted to work with LifeQuote because they specialise in the back-office areas that can help to make us more efficient and therefore help us to serve our customers better.”
