Canada Life is to reduce policy fees on group protection business written through its online quoting system eQuotes.
The firm says the policy fee will reduce by £100 if it is processed through the eQuotes module of CLASS, an internet-based price versus risk tool for advisers.
Canada Life says the move offers “significant” savings on business premiums, claiming there will be a drop of 11% on critical illness cover.
Dan Crook, CLASS business development manager, says: “We are delighted to be in a position to offer our clients significant savings on the cost of their group risk policy fees via CLASS.
“The eQuotes module of CLASS streamlines the group risk process, and offers a more cost effective way to quote, place and administer group protection business for cases between three to 100 lives.
“The resulting reduction in the intermediary’s administration costs will, we believe, lead to greater cost efficiency in their group risk portfolio.
“As well as offering clear benefits to the intermediary and end client, CLASS also complements and assists our business.
“By reducing the amount of time we spend administering schemes, we can concentrate on further improving our overall service standards - thereby making Canada Life easier to do business with.”
If you would like to comment on this story, contact:
020 7034 2636
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Latest news and analysis
Drip-feed. Blend. De-risk