ProtectionJul 2 2015

Providers taking too long to approve broker requests

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Providers taking too long to approve broker requests

Insurers have been making it hard for brokers to sell protection by not tackling the time it takes to do so, according to the sales and marketing director of West Sussex-based firm Direct Life.

Neil McCarthy said selling some protection products could be a massive time commitment and he was talking to insurers to tackle this.

“One of the challenges advisers face is the time it takes to sell protection products,” he said.

“While reducing, it still needs to become faster, and we are working very hard with insurers to push this through. The likes of a ‘buy now’ product is a good example of this – but we still have a way to go.”

Despite this, he said protection could offer great value to consumers.

He said: “Lack of, or incorrect consumer awareness remains a huge issue for intermediaries.

“The general public do not understand the great value that today’s modern protection products give, and the ability to provide really good financial solutions in the event of distressing family situations that could involve the death, illness or disability of a family member.”

Adviser view

Matthew Walne, managing director of Leicestershire-based Santorini Financial Planning, said: “I often submit my applications online and often get an immediate acceptance or a decline.

“Only when it goes to underwriting does it take any time.”