Old Mutual has streamlined its underwriting process and reduced premiums for people with type two diabetes.
The protection provider has increased financial limits and produced a shorter questionnaire, promising they will lead to a “significant reduction” in underwriting time.
It has also improved clarity on what high net worth clients require for underwriting so advisers can better manage their clients' expectations ahead of an application.
Old Mutual has reduced the additional rating for type two diabetics on its Guaranteed Whole of Life product, making the product cheaper for those customers.
Paul Roberts, head of protection at Old Mutual Wealth, said: "Our upgrades will result in a significant reduction in underwriting time, which will help advisers get their clients covered more quickly than ever before.
"It is important to keep our approaches as simple and straightforward as possible to ensure advisers and clients can get the cover they need without having to spend too much time navigating timely processes.
"We have also taken the opportunity to reduce premiums for the millions of people in the UK affected by type two diabetes. We hope this change, along with our changes to the underwriting process, will help advisers get more clients get cover in place faster."
Elizabeth Fleming-Duffy, protection adviser at Bournemouth-based Cherry Finance, said: "Any kind of improvements in streamlining the application process are always welcome.
"It can be quite laborious, and clients don't want it to take a long time – they tend to think it will be instantaneous.
"What people want are accepted decisions that are made almost straightaway, albeit with an uplift in premium – some people think it is better to get them covered rather than worry about it taking ages.
"In the meantime, premiums can increase as people pass a birthday.
"We have had instances where we have applied for life cover and because it was taking so long for the GP to come back, the person went back to the GP with another complaint and could not get cover."
simon.allin@ft.com
