Aegon has created a digital service which aims to combat “frustrating delays” by speeding up protection applications for advisers and their clients.
The digital document service, which means illustrations and acceptance terms can now be accessed electronically, will be available through the insurer’s existing online services.
Dougy Grant, protection director at Aegon UK, said the fresh service should make the application process quicker, but suggested this was just the start of the company’s efforts to revamp its application process.
He said: “Protection is like any other purchase in that customers want a quick and slick service.
Protection is like any other purchase in that customers want a quick and slick service. Dougy Grant“When it comes to getting clients on risk, there’s an acknowledgement that as an industry we need to make the process quicker,” he said, adding clients and advisers are “rightly left frustrated” by delays.
Earlier this year, protection experts suggested people were being put off from buying cover due to the extensive amount of product literature, arguing the protection market needs trimming down.
“Technology has a huge part to play in correcting that and delivering decisions much more quickly,” Mr Grant said.
The protection director added this was the first stage of Aegon’s investment to digitally transform the business as it looks to get families and businesses protected quicker.
Dave Penny, managing director of Invest Southwest, said the general speeding up of protection processing by using technology “can only be a good thing”.
“Slow processing is certainly a problem for the protection market with lengthy forms needing to be posted, scanned and processed, often with supplementary questions required: where supplying information electronically will be so much quicker and more accessible.
“We have seen investments, pensions and even mortgages become slicker and it is time for protection to join the party.
While he wasn’t sure it will entice more people to take out cover, Mr Penny said it should decrease the dissatisfaction of those who have applied or tried to apply and had a slow uncommunicative experience.
“I would hope this initiative will lead to happier more connected clients.”
katherine.denham@ft.com
