iPipeline launches automated life update process

Published on

iPipeline has launched a life update process in a move designed to improve transparency.

The digital process allows banks, providers, and advisers to regularly check-in with clients and protection policyholders to help ascertain that they are getting the most from their policies and that their needs continue to be fully met.

The life update process is delivered at no extra cost to all customers of AlphaTrust, iPipeline’s process digitisation and e-signature platform. A set of questions verify that personal and medical circumstances have not changed and, if there are changes, could mean the client’s cover needs to be reviewed.

It also provides an opportunity to reconnect the policyholder with their protection policy, prompting them to think about what is important to them and what they want to protect.

All answers are captured and verified via the client’s signature, providing a full audit trail. In addition, any incomplete surveys are automatically re-sent for follow-up.

This update is in response to the Financial Conduct Authority’s (FCA) Consumer Duty Consultation which requires insurers and brokers to place more emphasis on regular reviews with clients.

Paul Yates, product strategy director at iPipeline, said: “Consumer Duty is the focus for many within the industry at present, and rightly so. Rather than simply focusing on what the consultation means and how it will be implemented, however, we’ve developed a simple, actionable solution.

“Life update process answers clear tenets of the consultation, and frankly, effectively automates what we are or should be doing already – driving increased, ongoing customer engagement and capturing ongoing changes which may impact protection needs.”

Andy Walton, protection proposition director at Mortgage Advice Bureau, added: “If you’re a distributor, adviser, or insurer, how Consumer Duty impacts your business and how you respond will be at the top of the to do list. With their newly launched life update process, iPipeline delivers a practical solution that helps deliver ongoing engagement – simply and efficiently.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Keystone reduces expat buy-to-let rates and adds new product

Keystone Property Finance has reduced rates across its expat buy-to-let range, cutting selected fixed...

Gatehouse cuts buy-to-let rental rates and eases paperwork

Gatehouse Bank has cut rental rates by 0.25% across its buy-to-let purchase plans for...

The Exeter: most consumers value advice when purchasing insurance

Almost two-thirds of consumers prefer to purchase insurance following professional advice, according to new...

Latest publication

Latest opinions

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...

Passing the affordability exam

As teachers and students of various ages have spent August nervously opening exam results...

Investors are changing their approach – and lenders should too

The buy-to-let market never stands still, but the pace of change in recent years...

Leasehold fees, specialists and the need to shop around

Leasehold properties account for around 20% of all dwellings in the UK, and while...

Other news

Rightmove warns property tax reforms could stall housing market

Rightmove has warned the government that proposed changes to property taxation risk distorting the...

Bradford retains crown as UK’s leading property hotspot

Bradford has once again been named the country’s most in-demand housing market, topping OnTheMarket’s...

Bridging the Pond: How large is the US bridging finance market, and compared to the UK?

When we first got started with LendInvest in the UK, post the financial crisis,...