Underwriting Process Being Developed Further
In a groundbreaking move, iPipeline has launched Advanced Underwriting, a revolutionary tool designed to transform the adviser experience in the UK protection market. The innovation, which was developed over the past two years in collaboration with The Openwork Partnership, promises to provide more precise premiums and indicative underwriting decisions at the initial quote stage.
Advanced Underwriting is an enhancement to iPipeline's SolutionBuilder protection sourcing platform. It captures upfront data on the top 20 most common medical disclosures, accounting for about 80% of medical loadings and changes post-application. This feature allows advisers to present clients with more reliable and precise premiums from the very start, instead of vague or broad price ranges.
The tool addresses the demands of advisers for a smoother, more transparent, and predictable quoting and underwriting process. It aims to reduce uncertainties by providing better upfront clarity, leading to less drop-off and repeated applications.
At launch, providers like The Exeter, Vitality, and Zurich support the platform, with three additional providers planned to join, ensuring broad market coverage and product availability. Advanced Underwriting is expected to reduce the number of repeat and non-progressed applications, making the protection insurance process more efficient for all involved.
Feedback from advisers who have seen a demonstration of Advanced Underwriting has been overwhelmingly positive, indicating increased efficiency and better client outcomes. Scott Taylor Barr, Principal Adviser at Barnsdale Financial Managements, praises Advanced Underwriting for streamlining the options for researching common protection disclosures and providing more accurate costing to clients.
Rachel Edwards, SVP & UK Managing Director, commented that Advanced Underwriting offers a more seamless process that works better for everyone involved, addressing issues in the current quote-to-application journey. She believes that Advanced Underwriting will improve quote accuracy, reliability, and transparency, benefiting clients by providing cover faster and with greater confidence.
Advanced Underwriting will be powered by iPipeline's SSG Digital platform technology, enabling efficient processing and integration of the detailed medical disclosures and premium calculations, enhancing advisory workflows. The innovation is expected to reduce the chance of clients changing their minds later in the process when final terms are issued.
Initially available exclusively to The Openwork Partnership advisers since June 17, it will see broader availability across the UK market later in 2025. Paul Shearman, Mortgage & Protection Proposition Director of The Openwork Partnership, expresses enthusiasm for Advanced Underwriting's potential to address a significant pain point in the protection journey. He believes that the tool will create a more seamless process that works better for everyone involved.
In summary, Advanced Underwriting enhances the UK adviser experience by enabling faster, clearer, and more trustworthy protection quotes, reducing the gap between initial quote and final underwriting terms, and thereby streamlining client journeys in protection insurance.
- The finance industry, particularly the insurance sector, is experiencing transformative change with the emergence of insurtech events, as demonstrated by iPipeline's launch of Advanced Underwriting.
- This innovation, powered by technology, represents a significant advancement in the underwriting process, aiming to offer more precise premiums and indicative underwriting decisions at the initial quote stage.
- By addressing demands for a smoother and more transparent quoting and underwriting process, Advanced Underwriting is expected to reduce uncertainties, leading to improved business efficiency and better client outcomes in the protection insurance business.
