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December 8, 2017updated 11 Dec 2017 9:45am

Old Mutual rationalises underwriting process for advisers

The protection business of Old Mutual Wealth (OMW) has rationalised its underwriting procedure and slashed premiums for people with Type 2 diabetes.

The company has raised financial limits and drafted a shorter questionnaire to significantly slash underwriting time.

OMW has also improved clarity on what high net worth clients require for underwriting so that advisers can better manage their clients’ expectations ahead of an application.

As part of the update, the insurer has reduced the additional rating for type two diabetics on its guaranteed whole of life product, which has made the product affordable for the deserving customers.

Old Mutual Wealth head of protection Paul Roberts said: “Our upgrades will result in a significant reduction in underwriting time, which will help advisers get their clients covered more quickly than ever before.

“It is important to keep our approaches as simple and straightforward as possible to ensure advisers and clients can get the cover they need without having to spend too much time navigating timely processes.

“We have also taken the opportunity to reduce premiums for the millions of people in the UK affected by Type 2 diabetes. We hope this change, along with our changes to the underwriting process, will help advisers get more clients get cover in place faster.”

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