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New protection comparison functionality scores policies most likely to pay out

8 October 2018

The Finance & Technology Research Centre (F&TRC)  has launched a new functionality within its Quality Analyser system, enabling advisers an paraplanners to compare critical illness policies based on personal circumstances, age, gender and the term of the plan.

There are currently over 200 different conditions covered by CI products, making it increasingly difficult for advisers to identify which policies are most likely to pay out.

To address the issue, F&TRC has assembled a panel of medical experts who have analysed each insurer’s CI definitions and scored them based on how likely a client suffering from the condition will be to successfully claim.

The panel has also sourced age-banded incidence data for each condition, which allows the Quality Analyser system to weight the condition based on how likely a client is to suffer from it. By combining the two results, advisers can carry out an analysis, tailored to their individual client, F&TRC said.

Adam Higgs, head of research, adviser services, F&TRC, said: “Based on the specific age banded incidence data, our new approach enables advisers to identify more accurately the conditions their clients are most likely to suffer. Combined with the F&TRC medical panel’s analysis of insurer definitions, advisers are now able to identify and more deeply interrogate which policies and providers offer the most suitable cover.”

The latest CI analysis follows the launch of the critical illness comparison service on the group’s Quality Analyser at the end of last year.

Professional Paraplanner