BT insurance new end-to-end life solutions a success with advisers and dealer groups

BT Protection Plans have been added to more than 100 approved product lists within dealer groups and the number of advisers the products have doubled since its launch in February 2011 to the independent financial advice market.

According to BT Insurance, more than half the applications have been underwritten, and submitted online and over 25% of income protection claims have been paid via the ‘tele-claims’ initiative – approved in a quarter of the time and without forms or signature required

In addition, more than half of the applications have been underwritten and submitted online using LifeCENTRAL+, a fast quote and electronic underwriting tool that can provide an on-the-spot decision in around 15 minutes with no signature required. This is a five-fold increase when compared with online submissions in the same period in 2010.

The first-to-market ‘tele-claims’ initiative that allows claims assessments to be conducted over the phone continues to see more than 25% of all income protection claims paid without the requirement of claims forms or a signature.

The early success demonstrates that BT Insurance’s focus on the advisers’ end-to-end process is being favourably received by the market.

BT Financial Group’s Head of Life Insurance Phil Hay said he was delighted with the results just three months after the launch.

“We are making it easier for our advisers and customers where it matters most.

“The very positive adviser response reflects the quality of BT Protection Plans and the close way in which the solution has been developed in conjunction with advisers.

“BT Protection Plans combines product, service, technology and business support and enables advisers to provide a better solution with flexibility, choice and value. We will continue to bring innovation to the market.”
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Mr Hay said the flexible solutions which allow insurance inside and outside of superannuation have been particularly popular.
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Since launch, more than one-quarter (29%) of lump sum policies within superannuation have an attached option through Flexible Linking Plus. Likewise, 50% of Income Protection policies within superannuation have an attached option through Income Linking Plus.
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BT Protection Plans was developed in partnership with advisers with features including on-the-spot decisions about client application with no signatures required; real time 24/7 access to client information; an in-house chief medical officer; flexibility for insurance inside and outside superannuation; and a ‘tele-claims’ service that facilitates assessment over the phone without forms and signatures as well as fee for service flexibility including an option for unbundled commission.