Aviva has digitised its Add Trust journey for existing individual protection (IP) policies.
The new digital journey is accessible via the insurer’s adviser and consumer sites and replaces paperwork with an online experience that enables straight-through processing, the insurer said.
The digital trust is available on personal protection policies that have been submitted through Aviva Life Protection Solutions (ALPs) that include life insurance with a BPL prefix.
Aviva is also launching a protection trusts hub and a series of ask the experts webinars in partnership with Red Apple Law.
Topics covered on the protection trusts hub include:
- What is a trust and how to write a policy in trust
- Guidance on different types of trust
- Writing an existing policy in trust.
This is the latest move by the sector to increase trust take-up. Yesterday, LifeSearch added a digital trust solution to its self-serve life insurance journey.
Low rates of trust take-up for life insurance policies have been a concern across the sector, as highlighted by research from Health & Protection and Swiss Re and Insuring Change.
Matt Usher, protection change delivery manager at Aviva, said: “This enhancement is a major step forward in our commitment to digital innovation and adviser support.
“Trusts can offer significant benefits to clients, including helping to streamline and speed up access to life insurance pay-outs by avoiding delays in the probate process.
“They also provide greater control over who receives the benefit and how it’s used, can help reduce inheritance tax liability, and ensure privacy during a sensitive time.
“Yet, many single-life term policies aren’t written in trust due to the perceived complexity and administrative burden. Consumer Duty encourages advisers to consider trusts in client conversations, and by digitising the Add Trust process, we’re removing those barriers.
“This makes it easier for advisers to have meaningful discussions with clients about protecting their legacy – quickly, securely, and with confidence.”