(Arthur’s Seat in Edinburgh, home of Scottish Widows. Photo credit: Tilmandralle.)
Scottish Widows Protect (Edinburgh) has joined iPipeline’s (Cheltenham, England) indicative underwriting decision tool, XRAE. Scottish Widows re-entered the intermediary protection market in 2015, and XRAE will be used by supporting advisers to achieve speed-to-market advantages and improve client expectations, according to an iPipeline statement.
By capturing health and lifestyle information, XRAE produces indicative ratings for both Life Assurance and Critical Illness, providing a single, comparative view of results, the vendor says. These results illustrate an instant decision from multiple providers, increasing the opportunity of getting more clients on risk faster.
Scottish Widows joins six insurers already live on the service: Aegon, Friends Life, LV=, Royal London, Zurich, AIG. The service is available to all SolutionBuilder and Assureweb users at no additional cost, the vendor says.
“Having re-entered the intermediary protection market last year, joining XRAE further demonstrates our commitment to supporting advisers in being transparent with their clients,” comments Scott Cadger, Head of Underwriting and Claims Strategy, Scottish Widows. “XRAE is really useful for helping advisers manage their client expectations early on in the sales process and therefore removing a potential barrier to the uptake of protection.”
Forty-Five Percent Increase in XRAE Users
“We’ve experienced a 45 percent increase in XRAE users in recent months which proves that advisers are benefiting from identifying whether a client is likely to be rated or not,” comments Ian Teague, UK Managing Director, iPipeline. “We are delighted that Scottish Widows have joined the service.”