Sales Ideas & how to write more Protection Business - - PowerPoint PPT Presentation

Sales Ideas & how to write more Protection Business

Speed and quality of underwriting Ongoing philosophy enhancement Medicals made easier

UNDERWRITING ASSISTANCE Pre-sales

Call or email

Underwriting

Access to underwriters/Philosophy /screenings/fewer medical questions

Servicing

In-force assistance

IMMEDIATE ACCEPTANCE

Immediate acceptance on: SLAs Underwriting referral – 12 hours Additional requirements – 24 hrs Outstanding requirements chased every 3 days 72% of LIFE POLICIES 71% of SIC POLICIES 55% of IPC POLICIES

Vitality nurses - February 2017 to March 2018

24

nurses Over

300,000

miles travelled Over 6000 screenings

96% of all

screenings carried

• ut by a Vitality

nurse End to end service down from

13 to as low

as 2 days Appointments can be booked within

2 hours Finger prick testing

+16

ON-GOING ENHANCEMENTS TO UNDERWRITING PHILOSOPHY

Anxiety

Depression

Type 1 diabetes

Metabolic syndrome

FH motor neurone disease

Lumps and bumps

Pins and needles

Asthma

High blood pressure

Raised cholesterol Abnormal smear

Heart murmurs FH of PKD

Back Pain

TPD

Exclusions

SCC/BCC

Skin lesions Smoking questions

Self harm

Future travel

Type 2 diabetes

Occupations

Crohns disease Hypothyroid Armed forces

Ulcerative Colitis

27 27

ENHANCEMENTS

Tweaks to focus on last 3 years symptoms / medication. Previously 69% STP Automation of most disclosures – previously 100% refer

57 %

Recent underwriting enhancements

Postponement for recent diagnosis removed Previously 0% STP with 100% TGPR

87 % 70 % 81 %

Thyroid Conditions Future Travel Type 2 Diabetes Crohn’s Disease

STP

✓ Fewer medical requirements and more immediate acceptance

Type 1 Diabetes Previously all cases referred to underwriting

40 %

Maximum loadings Life Cover +400% ➢SIC +150% ➢IPC + 150%

ONLINE UNDERWRITING INFORMATION

All Underwriting Guidelines can be found in Literature and Tools

• n our Adviser website-

including Medical/Financial limits, Residency info, Occupation Guidelines and General UW guide.

• Optimiser Underwriting
• Dementia & FrailCare Cover
• Income Protection

PRODUCT ENHANCEMENT

Optimiser Underwriting

People are aware of insurance needs, but dread the lengthy application process

Current application form has 24 medical questions and over 1000 words

OPTIMISER UNDERWRITING

Number of Medical Questions

80% 5min

5

Count of Words

Family History Schizophrenia Time off work DVT Mental Disorder COPD

1000 to 600 40%

Dementia and FrailCare Cover

1 in 3 people born

today will see some form of dementia in their lifetime3

1 in 14 over 65

has dementia in the UK2

50% increase in

• ver 65s in UK over

next 30 years1

Dementia - number 1 cause of death in UK2 People are living longer, but not necessarily better

• 1. ONS, Overview of the UK population, July 2017
• 2. Alzheimer's society, 2017
• 3. Alzheimer’s Research UK, 2015

for £10,000 per annum1

• f over-75s wouldn’t consider

using equity release as a means to fund social care2 assets above which you will have to fund all of your

• wn social care3

£23,250 84% £140k

Long-term care annuities are expensive People don’t want to sell their home Government support is means-tested

£

People want to keep their independence in later life, but existing solutions aren’t working

people over the age of 75 live alone4

2.5m

Family structures are changing

• 1. UK Care Guide, 2018
• 2. Mintel, Planning for Long-term Care, 2017
• 3. Gov.co.uk, Care and support statutory guidance, 2018
• 4. Age UK, Later Life in the United Kingdom, 2018

The incidence of later life conditions changes significantly

Others

Cancer Heart Attack Stroke Dementia, Alzheimer’s, Parkinson's Others

• f serious illnesses in

later life

54%

May lead to frailty and a requirement for care

Dementia - the leading cause of death in the UK

Protection market focusses on pre-retirement needs

Age

Whole of Life Term Risk of death Risk of illness Retirement age

13%

• f total market

87%

• f total market

Dementia and FrailCare Cover This protection also includes Funeral Cover which always pays out

• f remaining

10%

Guaranteed Funeral Cover

• f remaining

4

50%

Dementia Alzheimer’s Parkinson’s Stroke Frailty

NO CHANGE TO PREMIUMS OR UNDERWRITING* COVER FOR LIFE

Dementia and FrailCare Cover – unique cover for Optimisers plans

Cover beyond the policy term

Unique continuation option

Dementia, Alzheimer's, Parkinson’s, Stroke and ADL Failure

Lump sum benefit paid out on severity

No additional premium or underwriting

Premium guaranteed for life

Includes Guaranteed Funeral Cover

Cover which always pays out

1 2 4 3

IPC ENHANCEMENTS

Public Sector Workers Financial Guarantee Deferred Periods Occupation Classes Additional Benefits Continued Income Benefit Amount Hospitalisation Benefit STIP

Seamless benefit pay-out matched to sick pay scheme Covers more public sector workers than anyone else. Public Sector Deferred Periods

17%

UK population that work in public sector roles.

Public Sector Deferred Periods

To apply simply select a 12 month deferred period

Benefit Amount

60% of the first £60,000 and 50% thereafter

• STIP
• Primary Cover
• Comprehensive Cover

Now offering an additional deferred period for customers who cannot afford a 1 month deferred period but do not have enough savings to last 3 months without income.

2 MONTH DEFERRED PERIOD

Occupation Classes Max expiry age on several

• ccupation are increasing by up

to 10 to 15 years. 151 occupations will move to a lower class

Financial Guarantee 27

✓ ✓

£1,500 minimum automatically guaranteed Verify income anytime within the first 6 months up to £8,000

✓

Guaranteed benefit amount, regardless of any future changes in salary.

THANK YOU