According to reports, medical screening requests can be sent to and received back immediately from the medical screening service provider, Square Health, which is available on the UnderwriteMe Protection Platform.
When the screening is completed, the results are fed back to HSBC Life’s digital underwriting rules engine - also provided by UnderwriteMe. The process instantly creates an ‘eligibility decision’ and the new service will be available through the HSBC Life extranet journey for IFA users who utilise IRESS, iPipeline, and Synaptic Webline.
HSBC Life pioneering swifter underwriting decisions
The speed at which the underwriting can be done reduces customer waiting times and the number of time advisers chase results. Included in the new service is a real-time online dashboard that advisers can access to view the status of their applications.
If HSBC Life is unable to provide coverage based on the return screening results, the Underwriting Team will be on hand to provide explanations and ensure there is a duty of care so that the customer can seek medical advice from their doctor. The circumstances that will trigger the referral process are sum assured limits above the standard thresholds and a BMI range of 39 to 42 (age dependent).
Customers will also be protected during the underwriting referral process with free cover available up to 90 days, for the sum assured amount requested up to a maximum of £1mn for Life and £750k for Critical Illness applications. Protection is also available for ill health and accidents.
Enhanced insurance underwriting for better customer servicing
Speaking about the launch, Mitch Barker, Head of Product and Chief Distribution Officer at HSBC Life (UK) Limited, explained, “Our new enhanced digital underwriting capability will improve both the advisor journey and customer experience, by enabling us to consider applications where terms previously weren’t possible. For example, higher BMI disclosures and sum assured were above our current non-medical limits. This exciting development will reduce the chance of advisers needing to vary their original recommendation. Our investment in the new process will enable us to continue innovating and supports our growth strategy to keep widening our distribution opportunities and provide a larger customer base access to our protection products.”
Nilesh Patel, Head of Sales and Marketing at UnderwriteMe, said, “Our Underwriting Technology is always looking to improve the adviser and customer experience of buying Life Insurance. The development with HSBC Life will speed up the process where further evidence might be required and should significantly shorten average turnaround times for HSBC Life applications. We’re determined to continue to improve access to insurance and help insurers provide cover for the very people that need it.”
Steve Casey, Marketing Director at Square Health, added, “We are delighted in helping bring a first with HSBC Life to the protection market. This collaboration is providing structured data directly into the underwriting engine will mean faster decisions being made, enabling customers to go on risk quicker.