Risk Placement Services (RPS), an independent insurance brokerage firm, has bought the assets of its biggest competitor, the Special Risks Bureau (SRB), in order to create a single specialist insurance platform for the adviser market.
Designed to streamline the process of applying for special risk insurance, which SRB also specialises in, the RPS Intelligent System allows advisers simultaneously to access panel providers' underwriters through one application form.
This is in contrast to the multiple forms and numerous medical examinations of the old system, which life insurers would incur the expense for, despite only one in four or five being processed.
"The new process will be more efficient with the time-process reduced by up to 80% for advisers and cut in half for clients," said RPS managing director Mike Hosie.
The merged business will also allow RPS to improve its market reach and levels of service by incorporating some of SRB's products, such as the groups' critical illness and income protection policies. The group, which works with 10,000 professional advisers across the UK, will also boost RPS's provider panel as it offers a single application form that is accepted by its eight-strong panel of major insurance companies willing to underwrite special risk cases.
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