Norwich Union has launched a new online term assurance application service for independent financial advisors.
Using the new service, IFAs will be able to quote and submit term assurance electronically to the insurance company via the Norwich Union IFA extranet and the Exchange. They will also be able to track the progress of their protection application online.
The UK insurer claims that, for younger lives, as much as 60% of "clean" term assurance quotes can be submitted online with a decision returned within seconds, using its new online term assurance application process. The whole process including the completion of the application form takes as little as fifteen minutes, says Norwich Union.
Currently, IFAs print off an average of 400,000 term quotes a year through the Exchange quote platform.
Willie Mowatt, head of retirement and propositions from Norwich Union, says: "According to our research 65% of IFAs would use an online application process if applications were processed quicker than paper-based applications, so we are expecting lots of demand."