Exweb identifies £37m savings on non-standard risk business

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The life and protection industry could save £37m annually by taking steps to earlier identify clients that are considered non-standard risk, says portal provider Exweb .

The key is to introduce efficiencies by, for example, ending the commong practice of entering multiple applications in order to find solutions matching client needs, it says. The portal is attempting to address the issue and costs by launching a new service called Special Risks Centre, which will help IFAs identify special risk cases and offer to find best rates through a specialist underwriting process. Exweb quotes reasearch from the ABI and providers showing out of 414,000 non-standard applications made in 2001, some 45% were defered, declined or did not proceed. ”Assuming the c...

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