Bright Grey strengthens its personal protection proposition
Wednesday, 9 June 2008
Bright Grey, the protection specialist arm of the Royal London Group, has reviewed its Personal Protection Menu and enhanced the features to increase the flexibility of its proposition. The changes, which will take effect from 28 July 2008, are part of the overall programme of investment in systems and processes to help support advisers write protection business.
In order to further speed up the underwriting process for larger cases and help customers get cover more quickly, Bright Grey has increased its financial underwriting limits. It has also introduced a dedicated team of senior underwriters, dealing exclusively with large cases, to support advisers and ensure that protection plans are dealt with quickly and efficiently.
Roger Edwards, Product Director at Bright Grey says:
"This year our focus has been on improvements to the customer experience of our application and underwriting proposition. Following the successful introduction of our reinsurer independent underwriting system, interactive quote and apply, these enhancements reflect and build upon market trends, such as the requirement for higher levels of cover from individuals as well as businesses."
The list of changes to the Personal Protection Menu:
- Increasing the maximum amount of cover on Life Cover to £5,000,000 (this was previously £2,000,000).
- Increasing the maximum amount of cover on Critical Illness Cover or Life or Critical Illness Cover to £1,000,000 (this was previously £500,000).
- A dedicated team of senior underwriters who will deal with each case from start to finish. The team comprises senior underwriters experienced in dealing with larger amounts of cover and complex medical and financial requirements.
- A reduction in the fixed escalation rate from 2%-10% to 2%-5% for Life Cover, Critical Illness Cover, Life or Critical Illness Cover and Income Cover for Sickness. This has been implemented because the majority of Bright Grey customers select the RPI option as opposed to a fixed rate.
- Extending the time required for customers to return a Confirmation Form to 60 days (from 30 days) before an application is treated as 'Not Taken Up' or cancelled. This makes it easier to do business with Bright Grey and will reduce the number of plans that are cancelled and later reinstated.
Roger Edwards continues:
"Now that interactive quote and apply is being used by an increasing number of advisers, the changes to the process for our Confirmation Form ensures that advisers and clients have enough time to check the information that they have submitted. We believe this will further reduce non-disclosure and ultimately lead to less claims being declined for that reason in future."
-ENDS-
For further information please contact:
Bright Grey
Neil Cameron
Tel: 0131 247 1677
neil.cameron@brightgrey.com
Notes to Editors:
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
- Scottish Provident 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 £32.6 billion. Group businesses serve around three million customers and employ 2,630 people (figures quoted are as at 31 March 2008).