Advanced Underwriting is an optional service available within SolutionBuilder® – the portal which drives up to 45% of all advised protection quotes in the UK.
As a choice, where and how you use Advanced Underwriting is up to you, based on a client-by-client decision and the benefit of your years of experience in protection recommendations.
However, here is some guidance to help drive your initial journey with Advanced Underwriting.
Scenario 1
You’re making a simple level term assurance recommendation for a first-time buyer who is 32 years old. In initial discussions, they provide you with confidence that they have a clear medical history and don’t undertake any dangerous pastimes. They work as an Accountant and have never smoked.
Advanced Underwriting will likely help this client. Their clean bill of health and uncomplicated lifestyle mean that a premium loading or exclusion is unlikely, so the standard quote plus application process is likely to be most efficient.
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High possibility of straight through processing – no loadings or exclusions applied
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No need to use Advanced Underwriting
Scenario 2
You are making an income protection recommendation for a builder who is 46 and has a history of back and musculoskeletal injuries, due to the physical nature of their job. They also have a high BMI and smoked until recently, having shifted to e-cigarettes, which would still be classed as a smoker unless they are nicotine-free.
Advanced Underwriting is likely to be a useful addition to the normal quote process for this client By capturing more medical details related to their back and musculoskeletal conditions, together with BMI and nicotine use, Advanced Underwriting will supply a more accurate indicative premium (from or supporting providers), enabling you to better manage client expectation and deliver a more streamlined, efficient advice and buying process.
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High probability of premium loading or special terms applied.
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Use Advanced Underwriting
Scenario 3
You are recommending a multi-benefit plan for Life cover and additional Critical illness cover for a client who has a relatively straightforward medical history but does have a family history of bowel cancer. They work as a Solicitor, don’t smoke and have a healthy BMI.
Whilst, based on similar scenarios in the past, where clients presented with a similar family medical history, you are confident this client will not attract a significant premium loading or exclusion, you should consider using Advanced Underwriting to increase confidence and prove your inclination. For a small investment in time, you are able to better manage client expectations early and remove the risk of having to reassess your provider recommendation after underwriting.
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Possibility of premium loading or special terms applied.
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Use Advanced Underwriting
That’s just three simple scenarios to help illustrate where Advanced Underwriting could and should be used. But here’s a list of the 20 most common protection underwriting disclosures which lead to loadings or special terms or conditions applied. If a client has a history or story relating to any one of these, using the Advanced Underwriting tool allows you to deliver a more accurate premium up-front, better manage your client’s expectations, save you both time and get them to cover faster.