Life Insurance News: Lifesearch takes steps to reduce non-disclosure
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Article Published: 24-Oct-2007
LifeSearch, one of the UK's leading life insurance brokers, has teamed up with Morgan Ash to conduct its tele-interviews in an effort to reduce non-disclosure and bring a more efficient approach to processing.
Currently, Lifesearch operates an in-house tele-data capture service and MorganAsh will operate a second team providing a more flexible approach when advising consumers.
Head of protection strategy for Lifesearch, Kevin Carr, has stated that recording interviews with prospective customers will reduce the potential for claims being declined due to non-disclosure and said "Recording the interviews and storing them along with other relevant client data protects the truth. It is stronger than a signature alone and if there is a dispute at claim stage the interview recording can be replayed, removing ambiguity.”
Tom Baigrie, managing director for Lifesearch, says, “While this is a great step forward, our ultimate aim is for the product providers to procure the tele-interview service. We, as brokers, should not be taking the liability, or bearing the costs, for the medical interviews, and when product providers take control of the interviews, they can tune these to their underwriting philosophy and extend the interviews to collect all medical information, thus reducing GPRs and improving disclosure further.”
Andrew Gething, MorganAsh managing director, says, “We are delighted to be working with Lifesearch. We share the same commitment to improve the processes for customers and reduce non-disclosure.”
MorganAsh confirmed its intention earlier this month to begin the similar process with Friends Provident, again in a bid to reduce the number of claims declined for non-disclosure and to speed up processing.
Source: Insurance-4-life.co.uk
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