IPipeline has launched Life Update Process in response to the Financial Conduct Authority’s consumer duty consultation.
The digital process aims to enable banks, providers, and advisers to regularly check-in with clients and protection policyholders to help ensure they are getting the most from their policies and that their needs continue to be fully met.
It is being delivered at no additional cost to all customers of AlphaTrust, IPipeline’s process digitisation and e-signature platform and involves a set of questions that takes less than five minutes to complete. These 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 while any incomplete surveys are automatically resent for follow-up.
IPipeline says the facility is being launched in response to the 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.”
