Standard Life has unveiled a major programme to target 28-38 year-olds for protection business, which offers IFAs access to online business submission tools, increased Lautro rates, new underwriting and a repricing of consumer rates.
Launched this morning, Standard Life’s drive to increase interest in its Life Protection Series (LPS) is the culmination of two years work and revolves around its development of its Protection Online system, which has been designed and tested through feedback with several IFA firms, to offer quick decisions on underwriting and money laundering checks online along with special terms for each life covered.
In particular, Standard Life has rolled-out new premium rates on term assurance, critical illness cover, mortgage protection and waiver through a controlled launch campaign, targeted through IFAs at the 28-38 year old client market to reflect the largest demographic of LPS users but ensure technology and administrative systems are able to cope with consumer demand, says Mick James, protection marketing manager at Standard Life.
Technology has been designed to be quicker and simpler for the intermediary to use by cutting the amount of data re-keying, by memorising client data which is used in quotes and automatically forwarding it to the online application accessible through several IFA portals – The Exchange, Webline, AssureWeb - as well as www.adviserzone.com, says Peter Brutin, sales technology manager.
A paper-based data capture form can still be used in consultations with the client and reflects exactly the information needed to submit business online, while any questions which cannot immediately be completed online fall into the ‘answer later’ category and are then logged and listed at the end of the keying process.
Any interruptions do not then require IFAs to stop and re-enter quotes and applications where data is missing.
Rather than take basic information for medical underwriting, the system – delivered by US firm AllFinance – is designed to expand questions as much as possible where medical conditions are recorded – questions on asthma, for example, expand to ask what type of asthma, how serious, and how frequent the attacks might be – so only specific data is then requested from a GPR if needed.
Likewise, the adviser has 90 days to retrieve any data or application before stating when the policy should begin, at which point Standard Life will then send out a confirmation schedule and declaration which requires a client signature to prove the client has understood the details of their policy arrangement – an issue which SL recognises could be challenged by the Financial Ombudsman Service in the event of a complaint, unless there is a signature to prove documents have been read.
To improve underwriting and rates, Standard Life has also signed a new deal with RGA, alongside existing underwriters arrangements with GE Frankona and Gen Re, and there are plans to add business assurance and income protection later in the year.
Advisers needing guidance on how to use the new facility can either follow the online step process on adviserzone or contact Standard Life to obtain a copy of its Protection Online user guide and CD-Rom.IFAonline
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