If everything goes as planned, using tele-interviewing IFA can collect medical evidence and then decide which provider wishes to use for its clients' protection needs. The tie-up would be done first with an intermediary rather than an insurer. Because the best thing about outsourced tele-interviewing is that it can help insurers keep control of their running costs while allowing them to focus more attention on product development and marketing. Read the full report below:
Tele-interviewer Medicals Direct Group has revealed it is close to signing its first deal with a prominent online life insurance intermediary as opposed to an insurer.
Mike Benton, chief executive of Medicals Direct Group, said negotiations were well advanced with an intermediary for a deal that would enable the IFA to collect medical evidence using tele-interviewing and then decide which provider it wishes to use for its clients' protection needs.
Mr Benton said the tie-up, the first to be done with an intermediary rather than an insurer, was imminent but he refused to name the business involved.
He said: "Forming links with online and conventional intermediaries and networks is the logical next step in the rapid development of our tele-interviewing operation. This deal is likely to be the first of a number for us.
"Our portfolio of existing arrangements with major insurers already protects many intermediaries from the pitfalls of gathering health evidence from clients while possessing only limited medical knowledge.
"Tele-interviewing, using qualified nurses, enables underwriting with no further medical evidence in excess of 75 per cent of life cases.
"When a medical examination is needed, we can fix this with minimal fuss at a time and place convenient for the client. This all contributes significantly to straight through processing.
"By partnering with progressive intermediaries we extend the scope of the benefits for clients, intermediaries and insurers alike. The gains include substantial cost savings compared to general practitioners' reports, improved efficiency and swifter underwriting and commission payment."
Outsourced tele-interviewing had helped insurers keep control of their running costs while allowing them to focus more attention on product development and marketing, Mr Benton said.
By intermediaries taking on this part of the application, Mr Benton said they would have greater control over the process and who they ultimately decided was the best provider.
Source: FT Adviser.
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