The key enhancements include: improved pricing, a new online application process and an easier and more efficient underwriting process for advisers and customers. All of the changes are planned to come into effect on 5th November 2012, well ahead of the deadline and Skandia is also committing to a G Day Price Promise.
Skandia operates in the high net worth segment of the market, specialising in guaranteed whole of life cover and rolling term assurance through its Skandia Protect product. The planned enhancements will significantly improve this offering, making it more attractive to advisers and customers.
The new gender neutral rates will be available to quote from the 5th November onwards and all gender specific applications must be received by 3rd December.
In addition, Skandia will be managing pipeline business in the run up to G Day and wants to give customers and advisers certainty about the prices that will be applied to their policies. Therefore, Skandia's is committing to a Price Promise meaning that all gender specific cases still in the pipeline on 3rd December will be offered the lower of the gender neutral and the gender specific price. All cases remaining on gender specific rates must be issued before 21st December.
Not only will the new prices be more competitive, but the process will also be significantly improved. Going forward advisers will be able to submit business online for customers to be tele-interviewed.
The new tele-interviewing process will be provided by Medicals Direct and will mean a trained professional will ask the customer the medical questions directly, in a quick telephone interview, at a convenient time for the customer. This will not only shorten the application form and speed up the process but will remove the risk for advisers of customer non-disclosure.
Skandia is also increasing its non-medical and financial underwriting limits, so more people will be able to get cover without further medical or financial assessment. Where further medical assessments are necessary, they will be done by nurse screening and with fewer General Practitioners' reports, which will help speed up the process and ensure the customer receives cover a lot quicker.
Ian Jefferies, Skandia's head of protection, comments:
"We think it is important that customers and advisers have certainty about the prices that will be applied to their policies and not have a New Year pipeline hang-over. We are providing the necessary tools to start quoting on the new basis well ahead of the G Day deadline. Our delivery is also over and above the baseline price change to achieve gender neutrality, strengthening our protection offering in the high net worth market."
