Aegon speeds up protection application process by 5-days
21 August 2017
Aegon claims recent changes to its back-office systems and underwriting processes will significantly speed up the time it takes to put client’s protection in place, saving advisers around five days of waiting.
In addition, the assurer says it will let advisers know what extra information it needs for an application via its protection document service within 24 hours.
The changes will see more documents sent electronically to advisers. This includes requirements letters (which tell advisers what information it needs to progress an application), client questionnaires and any associated reminder letters.
Aegon said this means advisers will receive these documents on average five days quicker than they have, improving the overall end-to-end processing times for new protection applications.
The assurer already sends advisers acceptance terms and illustrations electronically through its protection document service.
Simon Jacobs, head of Underwriting and Claims Strategy at Aegon UK, said the changes reflected the fact that nowadays people don’t expect to wait for things. “Protection is no exception. A lengthy end-to-end processing time for customers applying for protection is a thing of the past and these changes reinforce that.
“We recognise advisers are busy, so our focus is on making protection as easy as possible to process for both the adviser and the customer.
To support these changes to the process, Aegon has developed a user guide for advisers on how to use its protection document service.
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