Iress has added ex-smoker questions for its term and critical illness comparison service on The Exchange sourcing platform.
The feature, supported at launch by Aviva and Royal London, aims to promote greater upfront accuracy during the quoting process for term and critical illness policies.
By distinguishing between current smokers, non-smokers and ex-smokers, Iress says it is aiming to enable insurers to provide more tailored and precise premiums that accurately reflect individual risk profiles.
This data will complement BMI questions in the quote process.
Iress has also revamped its results screen to enable clients to order quotes based on the key factors considered for price accuracy rather than just by premium.
Jacqui Durbin, global head of product for sourcing at Iress, said: “These enhancements reflect our commitment to innovation and providing our clients with tools that promote fairness and transparency.
“By offering more accurate quotes upfront and considering key factors like BMI and smoking status, we help insurers and advisers better serve their customers. Ordering by key factors rather than premium alone ensures we deliver the most precise and transparent quote comparisons.”
Fi Wynn, head of protection proposition at Royal London, said: “The introduction of specific questions for ex-smokers is a positive move to ensure greater fairness on pricing for customers, and we’re very happy we can support this initiative from the outset.
“Pricing is always a challenging aspect of our industry, and it’s encouraging to see The Exchange simplifying how it’s approached. Additionally, the changes to results screens will provide clarity and help clients make key decisions about the type of cover they are considering.
“These changes will make it easier for advisers and providers, which in turn will result in better outcomes for clients.”
Matt Usher, journey manager for individual protection at Aviva, said: “Aviva welcomes this enhancement which will help to provide customers and advisers with greater clarity and price certainty during the individual protection quote process.”
Rod Jones, head of sales and operations at ActiveQuote, added: “It’s great to see Iress driving change in the life insurance sector when it comes to delivering better risks for insurers and improved pricing for customers.
“While BMI and smoker status have been standard rating factors within the industry for years, it’s positive to see these factors split into more appropriate risk segments for better customer outcomes. Moving away from just price is another welcome change, which will further benefit the end consumer.”
