FMO adds to insurer panel

Amanda Jarvis

February 17, 2006

This sales tool will make it easy for brokers to highlight and sell higher levels of protection cover than previously likely.
Intelligent Protection is a powerful software tool developed by LifeQuote and designed for intermediaries to use in consultation with their clients to calculate the level of life, critical illness, income protection and mortgage protection required for the client’s specific circumstances. The time taken in calculating these client specific protection requirements is a matter of minutes, opposed to several hours manually calculating, and the system provides a complete audit trail for compliance purposes.

Alan Hill FMO’s group managing director said, “We piloted the Intelligent Protection system over a four week period using two mortgage advisers from our network partner, Your Mortgage Options, and the results have been quite astounding.
During the trial period we increased our average monthly premium for life and CI policies from £31 to £59, and the average monthly ASU premium from £22 to £24. However, the most impressive increase was in the number of new policies sold. A life or CI policy was sold with every mortgage (previously 1 in 1.7) – a 70% increase! An ASU policy was sold to one in two mortgage applicants (against 1 in 4.8 before) – a 240% increase!
During the whole of 2005, the advisers in the pilot did not sell a single Family Income Benefit (FIB) policy, and they only sold 3 long term income protection (PHI) policies. However, during the 4 week pilot period, they sold 4 FIB policies and 1 PHI.
Whilst its too early to predict what effect the Intelligent Protection system will have over a longer period of time, we are confident that once familiar with the system, any mortgage intermediary or IFA could comfortably double their income from protection policies using this system and, equally importantly, provide a very detailed compliance audit showing the calculated protection needs and the system produces the client specific letter of recommendation”.

Richard Verdin, sales & marketing director said “These results are absolutely fabulous and justify all the hard work that we have put into developing this software for advisers. Importantly these, and the other results we are seeing, don't just mean that advisers earn more, it also means that customers are better informed as to their options and therefore ultimately better protected. Your Mortgage Options should be commended for immediately seeing the potential offered by the software and for taking full advantage of it.”

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