Direct Life has launched Quote+, which it has described as ‘the most significant advance' in pre-screening underwriting criteria, with the potential for a 10% increase in completed term insurance business for advisers.
Quote+ enables advisers to significantly improve application and completion rates as in addition to age and smoking, it also takes into account a person's BMI, alcohol consumption, more detailed smoking history, as well as a range of other underwriting criteria.
Direct Life said by using Quote+ advisers will quickly establish which providers should accept immediately, load or decline based on simple criteria, or which will require additional information.
This will help advisers inadvertently applying to providers who consistently apply small loadings or cherry pick risks, the provider added.
Direct Life said the technology, which is embedded into its existing LifeQuote service, will significantly increase completion rates with early results indicating a 10% improvement in overall conversions.
In addition, the system also provides advisers with research information showing a summary of historic applications by provider to see the successful completions and declinatures by provider, and the percentage of cases accepted within 7 days.
COVER had previously revealed that Quote+ was being trialled by ten protection providers.
Rob Quayle, managing director of Direct Life said: "This is the first phase in an evolving process that delivers increased sophistication of information at the quote stage by asking a few simple questions. I am confident that it will lead to better choices of underwriter which in turn will reduce multiple applications for cases and deliver higher completion rates. This will hopefully also reduce the number of small loadings we are seeing from some providers whilst enabling increased competition between providers, encouraging new entrants to the market."
"As the service evolves we will be adding to the product range, delivering a revolution in adviser and customer journeys. This will make protection simple to compare, thereby helping more advisers to increase their skill and confidence in what is a vital product for our end customers. The technology will empower advisers and enable efficiencies for providers, ensuring our market starts to thrive again."
