Zurich has launched a tool to provide an instant indication on underwriting decisions at pre-application stage.
The tool is available through the insurer’s life protection platform and aims to save time for advisers by reducing the need for calls to its pre-application underwriting service.
According to Zurich, the tool covers 90 per cent of pre-application enquiries it currently receives by phone, which will remain in place.
The insurer also said the tool would “significantly” reduce the amount of time for an indicative underwriting decision to be given.
Key client information such as age, nicotine usage and the sum assured is required.
Additional information, such as medical history and lifestyle, can also be entered for more accurate indicative decisions.
Where information is not available, advisers can skip questions and standard assumptions are applied to speed up the application process.
Where a case is expected to require referral to an underwriter, the tool can give a range of indicative decisions showing a minimum, maximum and expected outcome from the referral.
Nicky Bray, chief underwriter for Zurich’s Life business, said: “We know that misconceptions about cost and existing illnesses can be barriers to people taking out life insurance. We’re confident that by presenting advisers swiftly, with accurate information about all of the solutions on offer, we can challenge that view.
“We’re confident that by providing advisers with a self-service option that they can access around the clock, we’re supporting them in delivering the best possible service for customers.”
Jeff Woods, campaigns and proposition director at Sesame Bankhall Group, said: “This is great innovation and will greatly assist advisers to more easily, 24/7 set expectations with their customers as far as cost and cover is concerned.”
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