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

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Most advisers ready to 'break up' with their CRM systems

Most advisers ready to 'break up' with their CRM systems

Adviser/ CRM system relationships ‘under serious strain’, Twenty7tec finds

Isabel Baxter
clock 17 June 2025 • 3 min read
'In the AI era, neurodivergence is more valuable than ever'

'In the AI era, neurodivergence is more valuable than ever'

'The design and training of AI systems inherently favour consistency and predictability'

Phillip Wickenden
clock 16 June 2025 • 5 min read
Majority of investors believe ChatGPT could provide 'reliable' financial advice

Majority of investors believe ChatGPT could provide 'reliable' financial advice

ChatGPT usage among younger investors rises to 70%

Isabel Baxter
clock 16 June 2025 • 2 min read