Advanced Underwriting will “revolutionise the adviser experience, providing more precise premiums to initial protection quotes”.
The enhancement has been developed over the past two years, in close collaboration with advice network The Openwork Partnership, and captures upfront information to assess the top 20 most common medical disclosures, which typically account for up to 80% of all medical loadings and changes in terms post-application.
Consequently, the platform will deliver more precise premium and indicative underwriting decisions so there are fewer repeat and non-progressed applications.
IPipeline said Advanced Underwriting will change how quotes translate into final terms for protection and save advisers time and enable them to provide coverage for their customers.
Advanced Underwriting is supported by The Exeter, Vitality and Zurich, with three more providers slated to join in the coming months.
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It is available exclusively to The Openwork Partnership advisers from 17 June and full market release is expected later this year.
Rachel Edwards, SVP and UK managing director of iPipeline, said: “The current quote-to-application journey isn’t predictable or as smooth as it could be, and it’s often opaque, interrupted, and delayed.
“Initial quotes that can’t always be trusted create frustration, uncertainty, and lost opportunities. Advanced Underwriting has been developed to change that, offering a much more seamless process that works better for everyone concerned.
“By collaborating closely with The Openwork Partnership and their leading protection advisers, we have ensured it addresses adviser issues and provides them with a user-friendly enhancement that benefits both them and their clients.”
Paul Shearman, mortgage and protection proposition director of The Openwork Partnership, added: “Partnering with iPipeline on Advanced Underwriting gives us the opportunity to help shape a tool that directly tackles one of the biggest pain points in the protection journey. Improving quote accuracy, reliability, and transparency from the beginning is a significant step forward in helping clients get the cover they need, faster and with greater confidence.
“The feedback we’ve had from our advisers who watched a demonstration of Advanced Underwriting has been unanimously positive. It will drive greater efficiency, and most importantly, create better client outcomes. A big thank you from Openwork to the launch providers who have grasped the potential of Advanced Underwriting. I’d encourage the other major providers to get aboard, before they are left behind!”
Scott Taylor Barr, principal adviser at Barnsdale Financial Management, said: “Advanced Underwriting makes SolutionBuilder a one-stop resource that will streamline the options for me to research the most common protection disclosures. It allows me to better advise my clients on their prospective premium and terms, providing illustrations that actually reflect a more accurate costing. This will ultimately reduce the chance of clients changing their mind later down the line when final terms are issued.”
