In a move to improve transparency, iPipeline has launched Life Update Process.
The fully configurable digital process allows banks, providers, and advisers to regularly check-in with clients and protection policyholders to help ensure they are getting the most from their policies and that their needs continue to be fully met.
The Life Update Process is delivered at no extra cost to all customers of AlphaTrust, iPipeline’s process digitisation and e-signature platform.
It involves a simple set of questions and takes less than five minutes to complete. They verify that personal and medical circumstances have not changed and, if there are changes, could mean the client’s cover needs to be reviewed.
It also provides an opportunity to reconnect the policyholder with their protection policy, prompting them to think about what is important to them and what they want to protect.
Crucially, all answers are captured and verified via the client’s signature, providing a full audit trail. In addition, any incomplete surveys are automatically re-sent for follow-up.
This innovation is in response to the Financial Conduct Authority’s (FCA) Consumer Duty Consultation which requires insurers and brokers to place more emphasis on regular reviews with clients.
iPipeline is diligently working to make it easier and more engaging to help make sure that protection plans remain relevant and evolve with the client to match their changing needs.
With 6% of the British public recently reporting they have made cuts to their insurance – with life insurance being high on the list of impacted products – it is critical to enhance the value of insurance and provide outstanding service.
“Consumer Duty is the focus for many within the industry at present, and rightly so. Rather than simply focusing on what the consultation means and how it will be implemented, however, we’ve developed a simple, actionable solution,” said Paul Yates, product strategy director, iPipeline.
Yates added that “Life Update Process answers clear tenets of the consultation, and frankly, effectively automates what we are or should be doing already – driving increased, ongoing customer engagement and capturing ongoing changes which may impact protection needs.”
“If you’re a distributor, adviser, or insurer, how Consumer Duty impacts your business and how you respond will be at the top of the to do list. With their newly launched Life Update Process, iPipeline delivers a practical solution that helps deliver ongoing engagement — simply and efficiently,” said Andy Walton, protection proposition director, Mortgage Advice Bureau.
