IRESS has extended its underwriting service to include all protection products on The Exchange and the new functionality will enable advisers to provide their clients with a more accurate quote at outset for Term, Income Protection, Whole of Life, multi-policy and multi-benefit products from Aegon.
Using the enhanced underwriting functionality, intermediaries are able to capture further details about a client’s height and weight which will return a partially underwritten quote that takes BMI into account. The service is also able to capture waist size information as an option to provide greater flexibility for users.
Through The Exchange, intermediaries can now process protection products and manage expectations for clients with a high BMI, more simply and with a far greater degree of certainty around cost at the point of sale.
Andrew Simon, Executive General Manager, Product, IRESS, commented:
“It’s great to have Aegon come on board the service and to be able to support advisers in meeting clients’ expectations by delivering partially underwritten quotes across all protection products. We’re starting to see real enthusiasm from providers for this service, with Aegon joining this month, following The Exeter in April and Aviva at the end of last year. We are very much looking forward to welcoming other protection providers onto the service in the near future.”
Stephen Crosbie, Protection Director, Aegon added:
“As an industry we all need to work together to increase consumers’ understanding of protection. Managing client expectations is key to this. The more accurate the information advisers can give a client in the early stages of a relationship, the more likely the client will be to put the cover in place and seek advice in the future. Making our entire range of protection products available through IRESS’ Exchange underwriting service supports our commitment to making life easier for advisers to advise on and sell protection products to get more families and businesses protected quicker, shrinking the protection gap in the UK.”
