Zurich is enhancing its mortgage and family protection proposition with the launch of a new intelligent (reflexive) underwriting system.
The online system will provide advisers with greater choice and flexibility as well as speeding up the application process and providing instant decisions for a substantial proportion of applications.
This latest enhancement builds on Zurich's return to the mortgage and personal protection market in September last year, when they introduced two innovative new protection products which have been widely welcomed by the adviser market.
Advisers can now choose whether to submit an application using the non-reflexive option as before or use the new reflexive option, which will lead to more instant decisions online. (Paper applications will continue to be available).
Advisers choosing to exercise the reflexive option will follow a series of on screen prompts using drop down questioning to capture the relevant client information. This enhanced system gives an underwriting decision online in real time and provides confirmation whether the application has been accepted, the terms available (including ratings) and whether further information is required to complete the underwriting process.
As well as providing greater speed and efficiency, the new system also offers greater convenience than before. The system will allow advisers to obtain an underwriting decision before submitting the case to Zurich. Where necessary, client information is automatically stored on the system, allowing advisers to return and submit the application at a later date.
If, for example, a rating is applied which impacts the client's budget, there is an opportunity to adjust the benefits required and so amend the cost to the client.
Protection Management Director, Peter Hamilton says, "Having successfully launched into the mortgage and family protection market in September, these latest enhancements mark the next major step in our journey. We are committed to the protection market for the long term, whether that is for Business Protection, IHT mitigation, mortgage and family protection. We look forward to working with advisers to grow the protection market."