Directlife has unveiled Quote+, a universal application process for protection insurance products.
The protection products aggregator says Quote+ pre-screens applicants and seeks to address the huge fall off between initial application and final conversion which for some products can result in less than half of applicants purchasing a policy.
The universal application process is a free service for insurers and allows them to retain in-house control over their underwriting criteria.
10 of the UK’s largest protection insurers will participate in the initial trial which will include term, family protection and critical illness insurance products.
A roll-out to the adviser community is likely to take place later this year, the firm said.
Rob Quayle, managing director, Directlife, said: “The ability to provide an immediate indicative price to customers is essential. However, until the launch of Quote+, the new universal application process, the industry has only been able to use limited screening questions, which have often produced quotes that are subsequently changed, as well as a customer journey that is not always conducive to the final purchase of the product.
“Our new system, which has widespread industry backing, will prove highly beneficial to advisers when we roll it out once we have piloted it with one of the UK’s leading aggregators.”