Lincoln Financial Group is set to launch tele-interviewing for its flexible menu-based protection product Financial Foundations following a successful pilot.
The new service launches on 17 March and is being run in partnership with MorganAsh, UK market-leaders in tele-interviewing. The new service has been extensively tested since August last year and is aimed at reducing processing turnaround times and enhancing Lincoln’s reputation for service excellence.
Results from the pilot scheme showed a significant drop in non-disclosure rates compared with the old application forms system.
Keith Robertson, Chief Underwriter at Lincoln Financial Group says: “The industry has struggled with the issues around non-disclosure for some time now. Tele-interviewing provides a significant opportunity for clients to provide the relevant information we need in a convenient manner. We have always paid out on valid claims and have never sought to refuse payment because of the non-disclosure of irrelevant contribution to the industry’s ongoing commitment to improving consumer confidence.”
Significantly the pilot scheme for tele-interviewing showed that requests for further information from the customer’s doctor were cut by almost two thirds compared with the previous system. Customers were willing to provide more personal health details during the tele-interview than they would in a face-to-face interview with an adviser.
Lincoln’s Financial Foundations is a specialist multi-benefit protection product, providing Whole of Life cover in one place under one wrapper including Income Protection and Critical Illness. The menu also includes Elderly Care cover, a unique protection benefit which can provide valuable pre-funded provision for elderly care financial planning but it is not designed or classed as a long-term care product.
Life insurance: News update: March 2008