Defaqto launches critical illness comparison tool
17 February 2019
Defaqto has launched a critical illness cover comparison tool, designed to compare new and historical policies.
CIC Compare uses historical data to allocate scores to the main critical illness definitions of all policies dating back to 2009, allowing advisers to compare not just the current versions of products but earlier versions as well as closed plans.
The scores are based on the likelihood of being able to claim in the event of contracting a condition.
Defaqto has scored 32 conditions accounting for 98.9% of UK claims. The group used the quality of the definition of each condition rather than just the statistical risk, which it said leads to better client outcomes.
In addition, it has also compared the policy wording for 113 other conditions.
David Cartwright, head of insight for wealth and protection, Defaqto, said: “With so many factors to consider, CIC policies are complex and analysing them is time-consuming. CIC Compare has been developed to not only save advisers time but also help them to make better informed decisions, recommendations and manage compliance risk.
“As CIC policies evolve, comparing older policies with new products available becomes even more complicated.”
Cartwright added: “CIC Compare enables advisers to make better informed decisions and provide transparent advice by comparing CIC policies easily side-by-side.”
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