Quote engines are the bane of modern life. You input 5 pages of data to get a quote on car or home insurance, then decide to shop around and have to start the process again from scratch. There has to be a better way surely? The pre-fill fields on Google Pay pages, various online shopping sites and more highlight how time can be saved, by saving crucial data. But insurance brands can simplify the process too. Here’s the word;
National Friendly has announced it has reduced and simplified the questions on its Income Protection (IP) applications. This cuts the time it typically takes advisers to apply by over half, from 14 minutes to 6 minutes.
Matt Suddards, Senior Specialist Protection Adviser at LifeSearch said: “To sell IP, advisers have to deal with lengthy applications that can be both time-consuming and unclear. It’s one of the aspects of protection that puts off non-protection specialists from selling IP. Shortening and simplifying the process is better for advisers and reduces frustration for consumers.”
To boost its IP proposition further, National Friendly has renewed its long-term relationship with Munich Re Automation Solutions, which includes a five-year contract extension to use its ALLFINANZ Underwriting Engine for IP. The Underwriting Engine gives National Friendly the ability to underwrite accurately and make changes quickly as well as delivering a huge amount of valuable data.
The ALLFINANZ Underwriting Engine has been consistently delivering a straight-through processing rate of between 65-70% each month giving intermediaries immediate decisions in the majority of applications.
Graham Singleton, CEO of National Friendly, commented: “Committing to a longer-term relationship with Munich Re Automation Solutions means we’ll continue to have fast efficient underwriting technology as well as the backing of one of the biggest reinsurers in the business. Combined with our new streamlined IP applications and backed up by a wider product offering of Accident Only Income Protection & Friendly Shield we believe we offer a very strong adviser-friendly proposition for protecting people at all levels of risk and income.”
Noel Gilmer, VP Customer Success ELAT at Munich Re Automation Solutions said: “We are delighted to build on our successful partnership with National Friendly and its continuing innovative use of the ALLFINANZ platform to drive improved experiences for their protection adviser community and IP customers. The flexibility of ALLFINANZ provides continual improvement, and rapid deployment of the new underwriting questions and rules. We look forward to building on our multi-year relationship with National Friendly.”
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