British Friendly launches 'Immediate Acceptance' application

clock

Income protection provider British Friendly has launched a new online application process for financial advisers.

The new system allows qualifying applications to be accepted immediately at the point of sale, without any further underwriting information being requested.

Mark Myers, chief executive of British Friendly said the improvement was based upon adviser feedback.

To qualify for "Immediate Acceptance" applicants need to apply for 1 or 2 year cover. They must be aged 45 years or under and the benefit selected must be £300 per week or less (or £1,300 per month or less).

When applying online, advisers will be able to complete a short series of lifestyle and health questions, which could then offer immediate acceptance without the need for further underwriting.

Ricky Butler, head of performance at LifeSearch, said: "We welcome this new faster system from British Friendly as it means customers can be covered much sooner. It is designed for younger, healthier and generally lower risk applicants who can now be covered immediately without any further medical underwriting.

"Overall it provides a quicker; better journey for our customers as well as reducing administration for advisers."

Kesh Thukaram, director of Best Insurance, added: " We were the first adviser firm to use the new system.

"We believe it will save us around up to ten hours per week on average, per adviser, in reduced administration time."

More on Income Protection

Partner Insight: The everyday risks clients face

Partner Insight: The everyday risks clients face

New report sheds light on the common risks than can disrupt financial stability

MetLife
clock 20 November 2024 • 4 min read
Iress adds Scottish Widows' new IP to platform

Iress adds Scottish Widows' new IP to platform

Technology provider, Iress, has added Scottish Widows’ new income protection (IP) product to The Exchange - its quote and apply platform for intermediaries.

Jaskeet Briah
clock 06 November 2024 • 1 min read
To retirement or not to retirement

To retirement or not to retirement

IP is the Question

IPTF
clock 05 November 2024 • 3 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