HSBC to launch protection product

HSBC to launch protection product

HSBC is launching a new protection product. 

The proposition, which is for advisers and comparison websites, is currently being trialed among a small number of intermediary firms ahead of a wider market roll out later in the year.

The system was built on Opal IS's Pandora platform and white adapted to HSBC's brand requirements. 

The scope of the build includes all aspects of the customer journey including quotation, acceptance, administration and claim.

It also includes an adviser portal for fully digital self-service as well as being integrated with the leading IFA customer relationship management (CRM) systems and comparison websites.

Eoin Lyons, chief executive at Opal Group, said: "The Opal Group has supported HSBC for many years administering a number of high value and complex products. 

"HSBC selected Opal IS to create the digital customer journey and seamless back office integration to support their re-entry into the protection market and Opal IS was able to deliver in just four months.

The service also features a Quick Quote process, which enables IFAs to get a rapid indication of whether their client qualifies for the product without the need for detailed underwriting questioning.

Asked for details of the protection proposition, a spokesman for HSBC said: "Unfortunately, we do not have anything to add at this stage."

Kusal Ariyawansa, chartered financial planner at Appleton Gerrard Private Wealth Management, said: “Such a product and service will be much appreciated by HSBC clients.

"We already have access to similar services however it ends post implementation. If providers could offer the same administration and claims post sale, it would be extremely valuable.”