The whole system has given our underwriters more time to focus on more complex applications, enabling us to process more business.
A modernised quote engine and underwriting system helps grow income protection
Holloway Friendly invented income protection in 1875 and has been providing those who are unable to work due to illness or injury with an income. In recent years the society has been implementing exciting plans to grow and offer more people income protection.
Holloway Friendly identified that to compete in a fast developing market they requiredto update their quote engine so it linked their website to quote comparison portals, used by independent financial advisors (IFAs). This integration would then allow more quotes to be submitted and more IFAs and their clients’ access to the plans offered by Holloway Friendly.
An additional need for medical underwriting software to semi-automate the underwriting process was also identified.The part automation of the underwriting process would enable the underwriters to focus on the more complex casesto help meet the increased demand for Holloway Friendly’s income protection products.
Holloway Friendly approached Varistha to produce a bespoke quote engine, vQuote . This branded system would provideinstant decisions on insurance applications and send quote illustration PDF directly to the IFA. vQuote linked Holloway Friendly's direct quote pages with the main quote comparison portals such as iPipeline and iress. A bespoke adviser centre website was also created where IFAS could trackquotes and monitor application progress. Built on ORIGO standards the quote engine offered Holloway Friendly the flexibility to change quote acceptance criteria and manage product attributes, with in-depth reporting functionality.
Varistha's medical underwriting software, vUnderwrite, was developed to further streamline the insurance quote and application process for Holloway Friendly. Flexibility was central in the way the system was built; Holloway Friendly could create and manage the underwriting rules and outcomes for applicants and set the medical questionnaires, whose answers determine whether cover is granted and the associated premium. An internal reporting dashboard and special access for IFAs to view and manage their cases was developed.
Alongside a very successful rebrand, astute marketing campaigns and a competitive product range, the quote engine and medical underwriting have contributed greatly towards the impressive growth experienced by Holloway Friendly over the past few years. Resulting in the number of applications granted per month trebling in the last two years. The implementation of vQuote and vUnderwrite has increased efficiencies within the workplace, with advisers and underwriters having the capacity to focus on more complex insurance cases, without affecting the overall volume of insurance applications processed.
Suzy Esson, Head of Operations, Holloway Friendly
Our new system built by Varistha has integrated seamlessly with our internal policy administration system. The whole system has given our underwriters more time to focus on more complex applications, enabling for us to process more business. Our partnership with Varistha is soon to enter its eighth year and we're delighted with the service they provide.
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