Old Mutual Wealth joins quote comparison service

Added 7th September 2016

Old Mutual Wealth’s protection offering has been added to quote comparison service UnderwriteMe to cut down the lengthy application process and provide advisers with online access to fully underwritten quotes.

Old Mutual Wealth joins quote comparison service

The UnderwriteMe service offers an end-to-end application process where advisers have to answer a full medical questionnaire agreed between all providers and reinsurers.

This allows the application to return either a guaranteed underwritten premium or give an indicative cost and instructions for further medical evidence.

As a result, advisers are able to select the most appropriate provider with a more informed view of the cost of cover.

Lengthy process cut down

Paul Roberts, head of protection at Old Mutual Wealth, said: “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. 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. Neither is an ideal state of affairs for advisers in their quest for positive customer outcomes.

“Being included on the UnderwriteMe comparison service means our product will more easily be compared to our 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.

“The beauty of the UnderwriteMe service is that it allows advisers to generate quotes for clients with greater confidence that they will accurately reflect the actual premium offered providing a better experience for both customer and adviser,” Roberts said.  

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Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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