Bright Grey launches interactive quote and apply
Monday, 10 March 2008
Bright Grey, the protection specialist arm of the Royal London Group, will become the first UK protection provider to launch its own expert underwriting system when it goes live later this month. The online service called interactive quote and apply, speeds up the application process and improves the pass rate to enable clients to get cover more quickly.
The electronic system provides efficient and consistent underwriting decisions, which helps reduce the overall processing time and saves advisers valuable time at point of sale. The system also improves service by building in more flexibility, allowing quotes to be refined once an initial decision has been given. This means advisers can add, amend or delete cover or lives before submitting the application. Ultimately this helps put lives on risk quicker and is an excellent feature for budget-driven sales.
Andy Peters, Distribution Director at Bright Grey says:
"Our new interactive system is a clear demonstration of Bright Grey's commitment to invest in its ecommerce offering and enhance our overall proposition. Developing our own expert underwriting system sets us apart from the rest of the market, who are reliant on technology owned by reinsurers. This independence gives Bright Grey a competitive advantage to develop and grow rapidly in existing and new markets.
"Our new online system is extremely sophisticated and advisers will find it well sign posted and simple to use. By collecting additional health questions, the system can make more informed decisions, helping to speed up clients' applications, saving time at the point of sale and improving pass rates."
Ian McKenna,Director of the Financial Technology Research Centre (FTRC) says:
"This is a very important step forward for Bright Grey, having a reinsurer independent underwriting engine should not only enhance their ability to offer attractive rates but also enable them to react more quickly to changing market situations. Advisers are always looking to work with organisations that can be fast and flexible; this should give the company a significant commercial advantage over some of their larger competitors in the future".
The system works in conjunction with a data capture form, which is shorter than the current paper application form so avoids unnecessary questions for 'clean' lives. Advisers can also ask further health questions specific to their client's situation, reducing the number of requests to GPs, allowing decisions to be made immediately and policies issued instantly.
Interactive quote and apply includes a data dictionary, recognising over 18,000 medical conditions, occupation, lifestyle and leisure pursuits. This can prompt client's to disclose medical conditions leading to an increase in pass rates and a reduction in the need for additional medical information.
Unlike other systems, reflexive questions are asked at the end of the form, which means there's just one call to the client instead of several.
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For further information please contact:
Bright Grey
Neil Cameron
Tel: 0131 247 1677
neil.cameron@brightgrey.com
Notes to Editors:
Interactive quote and apply has many additional advantages for advisers using the system including:
- applying for life of another
- adding third party payers
- receiving immediate decisions, meaning commission is released quicker
- paying an extra 10% Lautro commission
- saving data as the adviser goes along, so the application can be returned to at any point - extremely beneficial if the adviser can't get hold of the their client
- not requiring a new log-in, just a simple click to upgrade
Royal London Group, is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Life International – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap Platform
Royal London is one of the stronger life and pension companies in the UK, and has a strong track record for with-profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £33.1 billion. Group businesses serve around three million customers and employ 2,620 people (figures quoted are as at 31 December 2007).