Exeter Family Friendly has seen a 30 per cent increase in the number of income applications that are offered an immediate underwriting decision since implementing new technology.
In September, Exeter Family Friendly was one of three insurers who signed up to use UnderwriteMe’s new software within their own propositions.
Since implementing the Underwrite My Client Now route in September, 60 per cent of income protection applications that are using the underwriting technology have been offered an immediate underwriting decision, Exeter Family Friendly said, which is up 30 per cent since September.
Exeter said UnderwriteMe’s technology is “revolutionising protection underwriting”.
Simon Philp, director of distribution and marketing at Exeter Family, said that integrating the new rules based underwriting into the application process would has been having a positive effect for both advisers and customers so far.
He said: “The straight through processing rate of 60 per cent is fantastic and Underwrite My Client Now has proved nearly three times faster than the traditional routes as a result.”
He added that advisers no longer have further questions to ask of their clients, “no waiting, no more information to gather – just a buying process fit for 2015”.
Phil Jeynes, the new head of sales and marketing at UnderwriteMe, admitted that income protection is traditionally the most complex protection policy to underwrite, “so for Exeter to be able to provide an instant decision to 6 in 10 applicants is fantastic and clearly demonstrates the power of the technology”.
peter.walker@ft.com
