How we do things
We have looked at how our type of business is usually transacted - and started again from scratch.
Our online quote system can handle group life schemes with up to 500 members, and group critical illness and InteractPlus ones with up to 300 members. Binding quotes can be obtained in minutes, and you can also generate customised application forms for clients who want to proceed.
We are in a data driven business. Traditional group business has been built on estimates and averages but, with technology to transfer data so sophisticated these days, we don't see why the cover charged should be any different to the cover provided. So, we ask our clients to upload data to our secure website and then we adjust their premiums to match the actual cover we're providing.
Of course, there's another side to data: protecting it. Every sensitive piece of information we receive or provide is held in a password-protected area. Only those people who need to see anything can.
Scheme members are generally covered up to their scheme's automatic acceptance limit without needing any underwriting. A few high-earning members in each scheme will normally have benefits above that limit which need assessing before they can be covered. Occasionally, there may also be other members we assess because, for example, they are joining outside the scheme's normal eligibility conditions. When collecting information about their health, medical history and pastimes, we do it through an online questionnaire which only the member sees. In the rare instances where we need the member to undergo any tests, we arrange them at a time and place that suits them.
We want to be the first choice provider of group risk benefits for schemes that operate on automated platforms and would be very interested in talking to platform operators about providing genuine straight-through processing of group risk benefits.