F&TRC Protection Forum has compiled a matrix of key issues, simplifying where each provider stand to aid intermediaries during the countdown to G-Day.
The industry body noted that each major protection provider has now confirmed their plans for G-day, yet each life office has announced a different set of procedures to the next, which has made the situation even more complex for advisers.
The matrix was created by working with specialist protection advisers who agreed the issues they consider to be the most important for G-Day.
F&TRC managing director Ian McKenna, commented: "Throughout our dialogue with advisers they have been consistently asking for clarity around insurers plans.
"By assembling a detailed analysis of each insurers plans, that can be compared side by side we are providing a central place where advisers from any firm can check and compare where each provider stands on the key G-day issues."
The matrix is dynamically generated from data maintained by each insurer so it can automatically be updated as providers make further announcements. Advisers can also receive e-mail updates any time the matrix is updated.
In total more than 50 questions have been asked of each life office in relation to their plans for G-day, including:
• Whether or not full underwriting information needs to be obtained
• Whether or not policies can have a future start date
• How long quotes are valid for
• The date from which gender neutral pricing will take effect
In addition to issues around new business submission and processing the matrix also provides detailed information on:
• The extent of providers Support & Resourcing as G-Day approaches
• Their approach to Trusts in the run up to G-Day
• How Lapses, Guaranteed Insurability Options and Policy amendments will be treated
Michael Aldridge, sales director at London & Country, said: "The F&TRC G-day readiness matrix helps simplify and summarise in one central place the raft and complexity of different plans and processes providers have announced - it will prove an invaluable tool for the adviser community in the run up to G-day."
