National Friendly has reduced and simplified the questions on its Income Protection (IP) application.
The mutual said this cuts the time it typically takes advisers to apply by over half, from 14 minutes to six 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.”
National Friendly also announced that it has renewed its long-term relationship with Munich Re Automation Solutions.
The deal includes a five-year contract extension to use its ALLFINANZ Underwriting Engine for IP.
The underwriting tool 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, the mutual said.
Graham Singleton, CEO of National Friendly, said: “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 added: “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.”
