F&TRC seeks agreement for online signatures

clock • 1 min read

F&TRC has initiated a statement of best practice to address the complexity of processes used by providers when collecting online application signatures.

The statement will aim to identify the best processes available from those offered by all online providers.

It is hoped this will lead to greater cooperation between insurers in developing future application systems resulting in less confusion across the market for distributors.

The consultancy forum distributed a summary of provider processes at its last meeting demonstrating to providers how complex the activity of collecting client signatures had become for distributors.

All members agreed they would like to understand from the distributor community what they thought a good process would look like.

F&TRC also agreed to create a first draft of a good practice document on policy re-instatement for firms to review at the next Protection Forum meeting.

The consultancy noted that "policy reinstatement is a potential issue for distributors as policyholders can change their bank, miss premiums and/or existing policies can be cancelled.

"It is important for intermediaries need to be informed at the earliest possible opportunity."

Michael Aldridge, sales director at London & Country, said: "The research and documentation around topics like signature collection and reinstatement processes highlights the enormity of the task faced by distributors when trying to coordinate a standard process for what, on the face of it, should be a relatively simple task.

"Greater harmonisation brought about by good practice guidelines can't fail to have a substantial positive impact."

Ian McKenna, F&TRC Managing Director, explained the operation of the Forum, adding: "The issues addressed are those raised by distributors. We then discuss the issues as a group before agreeing whether or not to begin the process of possible improvement by measuring and benchmarking what each provider currently does in a certain area."

More on Adviser / Broking

Opportunities for the life insurance industry from Budget proposals

Opportunities for the life insurance industry from Budget proposals

Protection driven by IHT changes

Paula Steele
clock 22 November 2024 • 4 min read
Claims and Underwriting: Securing cover with liver disease

Claims and Underwriting: Securing cover with liver disease

“It was racing against the clock”

Jaskeet Briah
clock 21 November 2024 • 6 min read
Two senior hires for SBG

Two senior hires for SBG

Catherine Darroue and Rebecca Luter join

Cameron Roberts
clock 20 November 2024 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read