Matt Suddards, Senior Specialist Protection Adviser at LifeSearch said, “To sell Income Protection, 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 Income Protection. Shortening and simplifying the process is better for advisers and reduces frustration for consumers.”
To boost its Income Protection 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 Income Protection. The Underwriting Engine gives National Friendly the ability to underwrite accurately and make changes quickly as well as deliver a huge amount of valuable data.
The ALLFINANZ Underwriting Engine has been consistently delivering a straight-through processing rate of between 65% to 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 Income Protection 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 of 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 Income Protection 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.”
