Critical Illness News
Underwriting processes to improve with new online solutions
Consumers are set to benefit from quicker approvals of their critical illness cover and life insurance applications thanks to recent changes to online point-of-sale protection systems by two insurers, it has been reported.
In a bid to make it easier for advisers to make corrections as well as track individual protection applications, both Aegon and Legal & General (L&G) have introduced streamlined web-based systems, reports Health Insurance.
Prolonged and vague procedures in the underwriting process are some of the factors identified as impediments to successful applications and the new system is designed to eliminate this problem.
Joe Wiggins, the spokesman for L&G, is quoted by the publication as stating: "Advisers have as much ability to make changes to applications as our underwriting staff do. The system opens up our back office to advisers and applications no longer disappear into a black hole."
Aegon's online tracking system on the other hand automatically sends alerts on any changes.
The firm's proposition for protection and investments head Stephen Crosbie said: "Advisers can proactively see if a case is coming to an end and chase the client personally if they still want the case to go ahead."
People taking out cover were recently advised by an expert from Edinburgh-based Melville Hutchison not to fall for easy offers.
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