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Bright Grey is launching an online quotation and application system, which will electronically underwrite cases.

The protection specialist said its new system, which is to go live later this month, provides consistent underwriting decisions and saves advisers time in the sales process. Quotes may be refined once an initial decision has been given so that advisers can amend aspects of the cover before submitting an application.

Andy Peters, distribution director for Bright Grey, said: "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, said: "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."

Simon Webster, managing director of Kent-based IFA Facts & Figures Financial Planners, said: "Online applications are the future and in three to five years time all business will be submitted this way. The problem is that we are now effectively in a live test phase and some systems are better than others. The proof of the pudding will be how efficient Bright Grey’s system is."