Old Mutual Wealth has announced that it has joined the UnderwriteMe quote comparison service, providing advisers with online access to fully underwritten quotes for its protection offering, Old Mutual Wealth Protect.
The UnderwriteMe service provides advisers with an alternative to the practice of submitting multiple applications at one time with what it calls an “an end-to-end application journey”. This requires the adviser to answer a full medical question set agreed between all providers and reinsurers, allowing it to return either a guaranteed underwritten premium based on the answers given or an indicative cost and an instruction for further medical evidence.
As a result, the adviser is able to select the most appropriate provider with a “more informed view” of the cost of cover, Old Mutual Wealth said in a statement announcing the deal.
Paul Roberts, head of protection at Old Mutual Wealth, said that protection products have long suffered from a lengthy quote and application process, which can contribute to the customer apathy surrounding these insurances.
“For advisers it can be frustrating to quote a client based on an initial premium which then changes when the client’s health, occupation, past-times and general health are taken into account,” said Roberts. “The two ways to avoid this situation have historically been to submit several full applications at one time, which is very time consuming, or not to push for protection business at all.”
Roberts added that by being included on the UnderwriteMe comparison service the company’s product will more easily be compared to peers and provides the opportunity to strike up new strategic relationships with some of the largest writers of protection business in the UK.
“Choosing a protection product should not be based solely on the price and we firmly believe Protect delivers outstanding value for clients” he said.