"This exciting development will reduce the chance of advisers needing to vary their original recommendation. "
- Mitch Barker, HSBC Life (UK) Ltd head of product and chief distribution officer
This new service has been made exclusively available on UnderwriteMe’s protection platform. Once the screening is completed, the results are returned to HSBC Life’s digital underwriting rules engine to instantly provide an eligibility decision. This innovation will also be available via the HSBC Life extranet journey for IFA users who use IRESS, iPipeline, and Synaptic Webline.
The launch of HSBC Life’s digital underwriting innovation will increase the speed of underwriting decisions, reducing customer waiting times and the amount of time advisers spend chasing results. The launch is also accompanied by a real-time online dashboard that advisers can access to view the status of their applications.
Initially, the circumstances that trigger the referral process are sum assured limits above the standard thresholds and a BMI range of 39 to 42 - age dependent.
Customers will be covered during the underwriting referral process with free cover available up to 90 days, for requested up to a maximum of £1m for Life and £750k for Critical Illness applications. Customers are covered for both ill health and accidents*.
Mitch Barker, HSBC Life (UK) Ltd head of product and chief distribution officer has said:
“Our new enhanced digital underwriting capability will improve both the advisor journey and customer experience, by enabling us to consider applications where terms previously weren’t possible. For example, higher BMI disclosures and sum assured which are above our current non-medical limits. This exciting development will reduce the chance of advisers needing to vary their original recommendation.”
Nilesh Patel, UnderwriteMe head of sales and marketing added:
“The development with HSBC Life will speed up the process where further evidence might be required and should significantly shorten average turnaround times for HSBC Life applications. We’re determined to continue to improve access to insurance and help insurers provide cover for the very people that need it.”
Steve Casey, Square Health marketing director concluded:
“This collaboration providing structured data directly into the underwriting engine will mean faster decisions being made.”
