AN AUDIENCE WITH A CHIEF UNDERWRITER...Life contract • Maximum age at which a discount can be...
Transcript of AN AUDIENCE WITH A CHIEF UNDERWRITER...Life contract • Maximum age at which a discount can be...
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AN AUDIENCE WITH A CHIEF UNDERWRITER
WORKING TOGETHER FOR A BETTER CLIENT EXPERIENCE
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BERNADETTE COLLINSPROTECTION SPECIALIST
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INDUSTRY RECOGNITION
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GEORGE BARCLAYCHIEF UNDERWRITER
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DON’T ASSUME
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Most providers offer a pre-application service. Rated quotes can be
provided.
Some providers will allow direct access to their underwriters.
Some providers will offer a dedicated underwriting contact.
Underwriters should be transparent and explain how processes work.
UNDERWRITERS ARE HERE TO HELP
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ACCEPTANCE STATISTICS
To put into context these are acceptance statistics taken from a Reinsurer survey,
and which represents > 50% of the UK Protection market.
Our own 2018 statistics :-
LIFE COVER Industry Old Mutual Wealth
Ordinary rates 77% 72%
Rated 17% 18%
Declined 6% 10%
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ACCEPTANCE STATISTICS
Our own 2018 statistics :-
CRITICAL ILLNESS
COVER
Industry Old Mutual Wealth
Ordinary rates 72% 71%
Rated 23% 25%
Declined 5% 4%
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ALL WORKING TOGETHER FOR A BETTER EXPERIENCE
CLIENTKept informed and
receives best possible service
ADVISERSet expectations: explains to client who MSS or MDG are and what to expect
UNDERWRITERSWork closely with:
• service providers to ensure best
service for your clients
• reinsurers to ensure best
outcomes for your clients
REINSURERSWork in partnership with provider :
• better access to cover
• ability to challenge reinsurer’s decision
• improve product design
SERVICE PROVIDERS Work closely with:
• underwriters to ensure best service
• client for best possible experience
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CHOOSING APPLICATION ROUTES TO SUIT YOUR CLIENTS
Application route to suit
client
Online
Paper
No health questions in the application
Phone interview with a trained nurse
Good for full disclosures
Tele-interview
Traditional postal route
Full question set
Provider’s own system
UnderwriteMe
LifeQuote
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• Most providers in the UK market reinsure part of their Protection book.
• How much is reinsured will depend on the provider’s appetite to risk.
• In the past Reinsurers were quite removed from the process, but now we work very
much in partnership to improve processes and deliver better customer service.
• On very high value cases the Reinsurers will pass on part of their risk to
Retrocessionaires.
• Reinsurance can be obtained on Treaty or Facultative basis. Facultative reinsurance
can be difficult to administer.
REINSURERS
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COMMON MEDICAL DISCLOSURES
Hypertension
I in 4 adults have
high blood pressure
• Date diagnosed
• Current treatment
• Latest reading
Raised cholesterol
Over 50% of adults have
raised cholesterol
• Date diagnosed
• Current treatment
• Latest reading
Cancer
990 new cases every day
• Date diagnosed
• Site
• Treatment
• Histology/staging
BMI
60% of adults are
overweight
• Height
• Weight
• Waist measurement
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COMMON MEDICAL DISCLOSURES
Diabetes Multiple
sclerosis
Someone is diagnosed
every two minutes5,000 diagnosed
each year
• Type
• Date diagnosed
• Treatment
• Any complications
• Latest HbA1c level
• Type of MS
• Date diagnosed
• Any restriction of mobility
• Frequency of episodes
• EDSS score
Mental
health
I in 6 of adults report experiencing a
common mental health problem in
any given week
• Very complex
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• Most commonly misrepresented conditions are :- BMI, alcohol consumption, mental
illness.
• In 2008 the ABI issued guidance on how misrepresentation should be categorised and
outcomes for each category.
MISREPRESENTATION
Deliberate /
without Care Refuse the claim and cancel
the policy from inception
Negligent
Pay the claim on a
proportionate basis
Innocent
Pay the claim in full
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The purpose of financial
underwriting
“Does it make sense?” rule
We try to make as
painless as possible
More information in
the public domain
Less reliance on 3rd party
evidence
Greater willingness to accept client
/ adviser providing
information
FINANCIAL UNDERWRITING
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• Not a reinsured product
• HMRC do not specify underwriting philosophy, but do expect medical evidence to be as current as realistically possible to the dating of the Trust
• HMRC expect underwriting to be done to the same standard as that applied to a Whole of Life contract
• Maximum age at which a discount can be offered is 89 attained, this includes any age adjustment after underwriting
• Extra mortality ratings are converted to Years to Age
• Underwriting decisions are guidance only, HMRC can challenge the discount offered should an early death occur
DISCOUNTED GIFT TRUST
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APPLICATION SUPPORT – UNDERWRITING SERVICES
UNDERWRITING HELPLINE023 8072 6908
Dedicated pre-application enquiry
e-mail address:
Most providers make speaking to
an underwriter easy
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CLAIMS INDUSTRY INITIATIVES
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In 2016 ten of the leading intermediary firms in the UK joined forces to improve the
protection market for consumers, as the Protection Distributors Group.
PROTECTION DISTRIBUTORS GROUP
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Providers work with the Protection Distributors Group to improve the
claims experience.
WORKING WITH THE PROTECTION DISTRIBUTORS GROUP
Funeral pledge
• An advance payment of at least £5,000
from the policy to pay for the funeral
• Paid before probate
• Paid directly to the funeral home
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Providers work with the Protection Distributors Group to improve
the claims experience.
Claims charter - a ‘minimum standards’ document:
• A dedicated claims team with a phone based process
• No claimant to be turned away by anyone not in the Claims Team
• named point of contact
• regular updates (at least every 2 weeks)
• Advisers notified of all claims
• Proactively offer the Funeral Payment Pledge/advanced payments
• payment within 72 hours of approval
WORKING WITH THE PROTECTION DISTRIBUTORS GROUP
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SUPPORT SERVICES
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ABOUT REDARC
REDARC OFFER A COMPREHENSIVE AND COMPASSIONATE SERVICE
WITH JUST ONE SIMPLE GOAL:
“TO MAKE LIVES EASIER AND BETTER, AND WE DO IT BECAUSE FOR US
IT’S INSTINCTIVE”
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ABOUT REDARC
Practical advice and emotional support is every bit as important as financial assistance
The benefits of genuine and timely support can stay with people for the rest
of their lives
People value the service because they can tell that RedArc genuinely
care, and this gives them back confidence
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Experience tells us:
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AREAS OF SUPPORT
Serious illness and disability
Mental health and trauma
RedArc nurses are experienced in all
life stages
Therapies and counselling
Bereavement, carers and
eldercare
Second medical opinion
Help at home
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DEMENTIA FRIENDS
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NEEDS AND OPPORTUNITIES
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NEEDS AND OPPORTUNITIES
Dependents care
IHT liability
DB pensions
Pension / investment
funding
School fee
planning
Wealth gap
Individuals in receipt of alimony
Gifting assets
Equity Release
Legacy creation
Long Term Care
Lifestyle
Non-working parent
Mortgage
Business protection
PROTECT
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www.oldmutualwealth.co.uk
Please be aware that calls and electronic communications may be recorded for monitoring, regulatory and training purposes and records
are available for at least five years.
Old Mutual Wealth Life Assurance Limited is registered in England & Wales under number 1363932. Registered Office at Old Mutual House,
Portland Terrace, Southampton SO14 7EJ, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority. Financial Services register number 110462. VAT number 386 1301 59.