Bright Grey to launch own underwriting system

Protection provider Bright Grey is launching its own underwriting system which it says will speed up the application process and save advisers time at point of sale.

The electronic system, called Interactive Quote and Apply and set to go live later this month, will be unattached to a re-insurer, providing Bright Grey with more flexibility to review rates and tailor the service as it sees fit.

It will also allow quotes to be refined once an initial decision has been given, meaning advisers can add, amend or delete cover or lives before submitting the application.

Andy Peters, distribution director at Bright Grey, says advisers will find the system “well sign-posted and simple to use”.

“Developing our own expert underwriting system sets us apart from the rest of the market, who are reliant on technology owned by reinsurers,” he says.

“By collecting additional health questions, the system can make more informed decisions, helping to speed up clients’ applications, saving time at the point of sale and improving pass rates.”

Ian McKenna, director of the Financial Technology Research Centre (FTRC), adds: “This is a very important step forward for Bright Grey, having a reinsurer-independent underwriting engine should not only enhance their ability to offer attractive rates but also enable them to react more quickly to changing market situations.

“Advisers are always looking to work with organisations that can be fast and flexible; this should give the company a significant commercial advantage over some of their larger competitors in the future."

The system works in conjunction with a data capture form, which is shorter than the current paper application form so avoids unnecessary questions for ‘clean’ lives.

Advisers can also ask further health questions specific to their client’s situation, reducing the number of requests to GPs and allowing policies to be issued almost instantly.

Interactive Quote and Apply includes a data dictionary, recognising over 18,000 medical conditions, occupation, lifestyle and leisure pursuits.

In addition, ‘reflexive’ questions are asked at the end of the form, which means there is just one call to the client instead of several.

Contact:
Scott Sinclair
News Editor
020 7034 2636
scott.sinclair@incisivemedia.com