“Patient intervention for the time being seems to be the best way of speeding up the report completion process; it’s just a case of the initial processes being completed by the insurer in a timely fashion, from getting an electronic signature consent from the client, to sending out report requests quickly.”
Insurers underwriting limits are also an area that can trigger a need for further medical evidence.
This can happen, for instance, when a slightly older client is requesting cover for a large sum assured, triggering a requirement for a doctor’s report or medical screening, all of which delays the turnaround time.
Mr Harvey adds “while it’s clear that for high levels of cover there is a need for additional medical evidence, for those who make no medical disclosures and have a clean bill of health, this can seem unreasonably intrusive and addsan extra delay on the process.
“With GP reports on the whole taking anywhere from one to three months to be returned. A move towards nurse or doctors screenings as the only medical requirement for underwriting limits would be a welcome move from insurers.
“Currently LV= leads the way on thiswhere there are no other medical disclosures, rather than requiring a GP report as well.”
Emma Thomson, life office relationship director at protection adviser firm LifeSearch, urges that where additional information or medical reports are needed, insurers should adapt paper-free processes.
She pushes for online medical consents, online questionnaires, tele-underwriting and of course the ideal is electronic reports from GPs.
Ms Thomson says: “Clients just want a quick and easy way to buy protection; slowing things down with lots of reports and paperwork leads to clients losing interest and not proceeding.”
Unifying technology
Part of the reason the underwriting process can be slow, is that advisers and customers have to deal with each insurer in isolation in order to get decisions.
But we are now seeing technology launch to tackle this problem and more.
F&TRC’s Mr McKenna has been frustrated with the way online underwriting has traditionally been handled by insurers, saying “the old way is paper, but currently it’s a bit like we’ve replaced it with the same process, just online.
“That is not a good customer experience. We need a fully interactive and responsive service. Whether we like it or not, people compare any service to what they can do on a smart phone, and the life insurance market is not one of those that plays in this space like other industries.
