Unum: New underwriting system

Unum has announced the roll out of its ‘intelligent’ electronic underwriting system, UnumOnline, for financial advisers

The system has been designed to simplify the application process for advisers and enable them to get their clients insured with immediate effect, where possible.

Unum anticipates that more than 80% of underwriting decisions will be able to be made immediately, without the adviser or client having to obtain any additional information from the applicant's doctor, regardless of the amount of benefit being requested.

Linton Penman, Head of Retail Sales and Marketing at Unum said: "Many advisers complain that the underwriting process for income protection is often time-consuming and they and their customers can be disappointed when, having gone through the process, their application is rated or even declined. Getting to the right premium first time in matter of minutes represents a tremendous leap forward in the world of income protection."

The new system has been designed by Unum to save time by limiting unnecessary questioning. This is achieved by asking a number of high level questions based on Unum's bio-psychosocial underwriting model. Further questions are only prompted if certain ‘flag answers' are provided by the client in first instance.

The new service should enable advisers to suspend and save partially completed application forms, which can then be completed at a later date. It will automatically confirm the original premium quoted, or add any ratings or exclusions. Cover can go ‘in force' at the touch of a button.

UnumOnline will be available to advisers initially through The Exchange and Webline with other portals to follow shortly.