September 10, 2013
Dealer group, Securitor, has reported solid productivity gains for advisers and clients following the launch of its underwriting pre-assessment ‘Pre-view’ service earlier this year.
According to Securitor, the purpose of this initiative is to provide advisers with the opportunity to position possible loadings, alternative terms and exclusions with their clients during the advice process itself, prior to submitting the insurance proposal. It says this can have the effect of:
- Greatly assisting in the management of client’s expectations
- Driving higher completion rates
- Assisting advisers to seek competitive underwriting terms for their client’s on non-standard cases
The dealer reports that since the introduction of Pre-view in April this year, it has been able to respond to one third of all pre-assessment requests without needing to forward them to its seven-member insurance panel. This ability to internally account for this volume of requests is due to the expertise held within the licensee, in particular its National Manager Insurance, Melissa Crawford, who has a strong underwriting background.
Securitor says it is delivering responses to 32% of all requests in one day (answered by either Securitor or a panel insurer), while responses to almost 80% of requests in the Pre-view program are provided in less than five days.
Popular client pre-assessment requests submitted by Securitor advisers so far include:
- Heart condition questions
- Body mass index advice
- Consideration of more favourable occupation ratings
- Mental health
- Back condition queries
The dealer also notes that, in addition to implementing greater efficiencies within its business systems, the Pre-view service is also leading to more favourable underwriting terms than may otherwise have been offered. Examples provided by Securitor include:
- Terms offered on trauma cover for a diabetic
- Terms offered for a client with a recent history of prostate cancer
- Potential standard rates for a client with atrial fibrillation
- Acceptance of a more favourable occupation category
- A full spine exclusion reduced to a 90 day wait exclusion on the spine
- Modified trauma offered for an otherwise declinable case
- Ability to check with other insurers if a client is a true ‘decline’
Head of Strategic Growth at Securitor, Annick Donat, said an Adelaide-based adviser in the Securitor network best articulated the value of this new service when he commented ‘… the most valuable thing about the pre-assessment service is knowing I have options and can get cover for my client.’
“This is the single most valuable thing we can do for our advisers and their clients,” said Ms Donat.
While Securitor acknowledges there are some other dealers that offer similar services, it sees its initiative as a point of difference due to the results it has achieved to date, and to its capability to deal with a significant proportion of pre-assessment requests ‘in-house’.