LQ User Guide Jan User Guide

Transcription

1 LQ User Guide Jan 2018 User Guide

2 LifeQuote User Guide advice made simple Putting extra life into your business Since 2001 LifeQuote has been the preferred choice of professional IFAs and mortgage brokers looking to research the price of Protection products, and simplify their administration by relying on our services to administer the case on their behalf, once they have given the advice. Quite simply it is the UK s leading specialist Protection service for advisers, assembling the best experience and knowledge from the UK s Protection marketplace for you - the Intermediary. Created and maintained by Direct Life & Pension Services its purpose is to simplify and enhance the sale of Protection products from insurers in the market across Life Insurance, Critical Illness Insurance, Income Protection, Whole of Life, Relevant Life and a range of Business Assurance solutions. The LifeQuote Protection service has been designed with your needs in mind: It makes it easier for you to quote, compare and sell more tailored products to your clients, with easy access to underwriting tools and product data It speeds up the quoting process making it simple and time-efficient for you and your staff. It researches the market constantly and provides you with up to date information and rigorous compliance support. It has an acclaimed outsourced administration function giving you confidence that once you have advised your client you have a number of options in how we manage the case through to completion on your behalf. Our sophisticated administration provides you with constant updates via case tracking, leaving you the time to do what you do best build your business portfolio It is the only service capable of creating bespoke individual quotations. Through its Intelligent Protection tool, it delivers a detailed protection fact-find using quote and apply software to establish priorities and generate a suitability text summarising your client's needs and demands. It provides you with the security of being part of one of the world s strongest banks with its management, compliance, audit, IT security and BCP procedures all regulated to the highest standards In other words: Making it easier and more efficient for you to make more money from Protection. Saving lots of administration time by giving you instant access to the marketplace and then doing all the laborious follow up work associated with it Helping you remain FCA compliant Providing clients with appropriately designed Protection products that cater for their needs All you have to do is visit enter your name, company details and to get 28 days temporary access. Once you re satisfied it s for you, a simple application form is the next step. 2

3 Welcome to LifeQuote How to get the most from LifeQuote This is a guide to the core activities provided by LifeQuote. As a company, we are here to help you get the best results for your clients as quickly as possible with many unique tools, insurer research and comparison documents available. If you have any questions or queries, the LifeQuote support team are on hand and available on the LifeQuote helpline or us at salessupport@lifequote.co.uk Simply find us 24 hours a day at You can use your address and a password of your choice to access LifeQuote. This is your key to unlocking the potential of LifeQuote and once you have logged in you will be greeted with your dashboard. Here you will see; (1) The quote button to start a quote for a new customer (2) A full list of all of the customers you have quoted for and are in your pipeline and (3) Links to more essential tools and resources within LifeQuote Starting a quote for a new customer couldn t be easier. Once you click the quote button for a new customer you will see the screen below. This screen is the gateway to quick and easy delivery of a compliant, appropriate and valuable proposal to your customer. 3

4 Client Fact Find Products & Tools 12 1) To start, enter your customer s basic details to generate a quote 2) Followed by additional details if you are quoting for Income Protection and/or using the Custom Multi Benefit or Intelligent Protection quotation tool 3) One of the many strengths of LifeQuote is the Intelligent Protection quotation tool this allows you to develop a Protection solution that has taken into account of all contributing factors, such as household expenditure, dependants, how much sick pay they are entitled to and how long they can survive on their current level of savings. It then identifies and compares all menu products that can facilitate this solution 4

5 4) The MultiQuote tool will save you hours of research and deliver quotes from all of the insurers across a broad selection of policies in a single request 5) Family Income Benefit allows you and your customer to consider the option of providing an income to dependants rather than a cash lump sum payment 6) Custom Multi Benefit provides you with a unique tool to the market. You build the Protection solution you want your client(s) to have, including joint policies, and we then present the quote combinations requested. And to help your research, we are now able to compare packaged benefits against the most competitive individual prices available, providing invaluable research for you and your customers which in turn, helps create the most appropriate solution 7) Intelligent Protection delivers you and your customer with a bespoke menu based proposition based on your customers individual circumstances, automatically creating a detailed suitability text; saving you hours of time in research and writing up your sale justification 8) Business protection offers you the platform to deliver quotes for Key Person Cover, Business Loan Protection, Partnership/Shareholder Cover and Relevant Life 9) The Income Protection section delivers both Long Term Income Protection and Short Term Income Protection (STIP) plans. STIP plans offer a shorter payment period during the policy lifetime, usually 1, 2 and 5 years in length. You can choose whether the contracts are quoted on a level or escalating basis. We also calculate the insurer s maximum benefits if you want quotes on this basis. Definitions are given in the research so you know exactly what definition of disability is being offered. Split deferred quotes are also supported 10) An Over 50s link to One Family to provide a convenient way to purchase an Over 50s non underwritten plan, typically used in funeral expenses cover or leaving small legacies 11) Whole of Life gives you a comparative service on both single and joint life bases. Where joint life is chosen we provide quotes on a first event and second event basis and plans can be indexed as well as being shown with and without waiver of premium 12) Submit Alternative Quote gives advisers the ability to apply and use our admin services for any quote, even if quoted directly with an insurer or from another portal 5

6 MultiQuote You simply add your client(s) data and you immediate gain access to a comprehensive range of products simultaneously, enabling you the freedom to recommend all or a combination of them according to the customer s requirements, needs and budget. Select one or more of: Level Term Life Mortgage Protection Life Index Linked Life Level Life Term and Critical Illness Mortgage Protection Life and Critical Illness Index Linked Life and Critical Illness Index Linked Family Income Benefit Family Income Benefit (Level) Family Income Benefit and Critical Illness Enter the required sum insured and term to generate single and joint life quotes our software automatically compares the cost of two single life policies against a joint life plan, with and without Waiver of Premium for each benefit selected. All quotes are then collated into one research document which you simply export for your compliance file. Intelligent Protection This intuitive module will support you in generating system driven advice to ensure you consistently choose the best combination of products that can be written in a single menu plan, to satisfy your customer s needs and help you meet your regulatory responsibilities. It does this by using information from your customers covering their current and expected circumstances, their budget and stated protection priorities and combining it with the standard rules within the system to provide a consistent approach to product selection, recommendation and justification. LifeQuote s ability to carry out simultaneous multi-benefit premium calculations means you can present your customers with a prioritised list of options from which they can choose the best solution for them. As a result, the system also produces customer specific text for your suitability letter along with other regulatory documentation including illustrations and key facts documents. Importantly it shows the products chosen within their budget, and the products not selected. Intelligent Protection is designed to be used by advisers using pure protection contracts, such as: Level Term and Index Linked Term Insurance, Mortgage Protection, Family Income Benefit, Critical Illness Cover and Income Protection. 6

7 Combined with LifeQuote s Quote & Apply system, Intelligent Protection gives you a complete quotation, recommendation and application package that will enable you to improve the cover you provide for your customers, and in the process build a stronger base for your business. Custom Multi Benefit Built for advisers who know the combination of products they want to provide within a Protection Portfolio this significantly reduces your research time whilst exploring different combinations of products. At LifeQuote we have made it simpler for you to quote protection products as it is the only service able to compare multi-benefit plans, both against other plans and the keenest priced individual covers. Identify whether you want a combined plan or individual plans. Then simply select the protection benefits you need from the menu on the left. In the middle box, enter the sums insured and terms for each benefit, and click save to create your custom quote on the right. Once you're happy, select quote at the bottom of the screen. Uniquely, we will then provide you with multi-benefit quotes for 7

8 all the insurers who can deliver what your customer needs in one plan, as well as individual quotes for each benefit, allowing you to find exactly the right solution at the right price. Joint quotes are also available if you have chosen that option. Choose the quote that you want, hit 'select' and LifeQuote will take you to the full illustration. You then have four application options: Apply online your customer a link for them to complete the application Telephone application Print application Whole of Life Simply chose the sum assured and if it is a single life select Quote App 1. If you want a joint plan select whether you want the benefit payable on the first event or second event also known as first or second death. 8

9 The Whole of Life research page then identifies the appropriate range of quotes, calculates the cost of providing a single life and joint plan (if applicable) and automatically shows with waiver and indexed linked options. Research can be downloaded and stored in the normal way. Business Protection We offer a range of business protection solutions in one area to cover Key Person, Business Loan and Partnership/Shareholder plans for Term and CI. We have also included Relevant Life in this section as advisers often include relevant life and business protection needs in one area of research and recommendations. The default position is to offer only guaranteed rates, but if reviewable is required just check the box to show these rates. 9

10 For each product area chosen a tab is generated with the full research. To retrieve the quotes, key features and trust material just select in the normal way. Over 50s We have partnered with One Family to deliver a simple process to submit Over 50s plans. If you have an agency with One Family, just use the link to submit under your existing agency. If you don t have an agency just use the link we have created. Income Protection Provided you have entered the income and occupation in the client data, this will automatically be used to create the quotes. Select whether you want a long term IP product (Full Term) or a Short Term IP plan (benefits payable for limited periods 1, 2 or 5 years). 10

11 Long Term IP quotes are offered on a specific monthly benefit or you can choose to select the insurer s maximum benefits. When a maximum benefit quote option is chosen we will return the quote research showing the insurer specific benefits and premiums. You will be presented with a set of simple input questions relating to the client which once completed will show you each insurer s underwriting status. You can print and save this as part of your compliance research before returning to the results or selecting the insurer you wish to apply to. The application then follows the standard process. Submit Alternative Quote You can quickly and easily submit an application based on a quote obtained from either an insurer s site directly or even another portal. Once the application details are uploaded we will process the case to the high standards you have come to expect from LifeQuote and the commission will be paid in the normal way. For example, if you have a specific option from Vitality, an annual premium whole of life plan quote, or a convertible term assurance from Aviva, you can simply follow the Submit Alternative Quote option, and we will process it on your behalf. 11

12 To use it: 1. Enter the client details as normal in the quote screen 2. Select the new Submit Alternative Quote option, choosing whether it is for applicant one, two or both and then press Submit 3. Enter any client details as you would normally including their Direct Debit details 4. You will be presented with an automatically generated . Simply attach your quote, add any additional notes that you may want to tell us about and press Send 5. If you don t see this (as not all systems are supported) simply attach the illustration to an entitled Alternative Quote with the customer s surname and your Agency number and send it to serviceteam@lifequote.co.uk 6. We will schedule the tele-underwriting call and proceed as normal APPLICATION ROUTES available to you Option 1 - Telephone Application Regardless of the insurer you want to choose, LifeQuote offers you a consistent simple application process to apply for a policy, as shown below. Most advisers choose to use our Telephone Application process, known internally as Express Underwriting. Simply click on the Telephone Application icon. It can be frustrating when the reward for your successful advice is lost time whilst you complete lengthy application forms and the additional risk through non-disclosure. This process allows you to complete just a few simple screens to submit any protection application. The whole process to instruct LifeQuote takes no more than 5 minutes. It doesn t matter what type of plan your client needs, how many benefits they ve selected or their individual underwriting requirements (both medical and financial) the LifeQuote team will manage them all for you. It doesn t even matter which insurer you ve selected, the LifeQuote application process is always the same. 12

13 Step 1: Select Telephone Application from the below options. Step 2: Enter your client s details, you can also tell LifeQuote when you want the plan to start 13

14 Step 3: Enter your client s bank details. This helps the LifeQuote team ensure they arrange the DDM correctly Step 4: Choose whether you want to book the appropriate slot for the clients or whether you d like us to call them to arrange 14

15 Step 5: Simply select a date and time that suits your client best and the LifeQuote team will call you client at this agreed time. One of our team will call your customer at a time convenient to them to complete all the relevant medical questions, leading to a quicker underwriting decision for the majority of customers, and immediate cover as an option for some. You and your customer receive an confirming next steps Your case downloads and is now available to view on case tracking We will make a short service call to your customer approximately 24 hours before the appointment to confirm they are still available and ensure they have all the required details to hand, for example GP s details and any medication they may be taking At the agreed time we will then call and complete the application over the phone and submit it immediately to the insurer The online application will be available to view on case tracking Your dedicated LifeQuote Case Manager will inform you of the insurer s decision and provide regular updates should there be further underwriting required 15

16 Our tele-interviewers are employed in Chichester, trained and managed specifically for the role. They are picked for their professional yet friendly manner and the ability to accurately conduct and record the interview. They undergo extensive training and have to pass strict evaluations. What s more, all calls are recorded for evidence and evaluation ensuring consistent high standards and protecting you against the risk of a claim for non disclosure. Any customer misunderstanding of the products, your advice or any significant changes to the information we have is fed back to you, and by using our case tracking system you can see the information submitted so that you remain in control. We re here to complete the application quickly and accurately for you. Option 2 - Apply online This is a fast, fully online application option that can be completed within minutes of the sale. You are given the choice of completing the insurer s application there and then, or you can send your customer an link to complete. Our dedicated team will transfer the information onto the insurer s underwriting system, and call the customer where necessary for clarification of any disclosures. When you complete the application on behalf of your Customer: Once received, we will key the application into the insurer extranet and call the customer should there be any disclosure clarification required The online application will be available to view on case tracking Your dedicated LifeQuote Case Manager will inform you of the insurer s decision and provide regular updates should there be further underwriting required Option 3 - Send a link to your Client Your customer receives an with a link to complete the underwriting questions. You will also receive a copy 16

17 Once completed by the customer, we will key the application into the insurer extranet and call the customer should there be any missing information You can see from the initial client screen when your clients has completed this step The online application will be available to view on case tracking Your dedicated LifeQuote Case Manager will inform you of the insurer s decision and provide regular updates should there be further underwriting required What does the LifeQuote Admin team do once the application has been submitted? Your Dedicated Case Manager At LifeQuote we are proud to offer you a personalised administration service that is dedicated to high quality care for your customers and ensuring that your applications go on risk as quickly as possible and stay that way. How do we do this? Firstly, we allocate a Case Manager to handle all of your cases. Many advisors form a very strong bond with their Case Manager, who is only a phone call or away. We also keep you informed through regular updates and comprehensive case tracking enables you to view all your cases. So that you have confidence in your Case Manager s ability to perform on your behalf, we only employ people with the right attributes and skills, and then train them for 6 weeks before they are allowed to handle any cases. Ongoing coaching and professional development ensures that they maintain the standards that you expect. Our Case Managers work in a team so there is always someone available to cover absence, handle calls or respond to s. An experienced Team Leader manages their work and audits their cases regularly. Once the policy is on risk we will receive the commission from the insurer (usually within 14 days) and we pay commission to you on the earliest subsequent commission run. We pay commission on the 14th and 28th day of each month. What they will do for you Once the application has been submitted successfully to the chosen Insurer the LifeQuote Admin team will manage obtaining of terms and getting your case on risk, saving you hours or hassle and stress. LifeQuote will update both you and your clients regularly, chasing as appropriate and dovetailing communication with the insurer and client LifeQuote will act immediately on receipt of terms, requests for further information and risk dates We chase insurers, clients and 3rd parties weekly (but respond on day of receipt to any incoming updates) and keep you updated by and telephone You will receive Update s that are designed to keep you informed about what is going on, meaning you should never need to chase the progress of an application You may also receive Action s when the LifeQuote Admin team needs your assistance and these are self explanatory. All cases will be escalated to you for help if no response is received from your client You can also see the progress of all your applications at any time using LifeQuote s Case Tracking system 17

18 How do I keep up to date with the progress of my application? Online Case Tracking The LifeQuote team will now do everything needed to progress your application to acceptance as quickly as possible and keep you updated by and text. If you need to check on the progress of any case, simply use the Case Tracking option in the Links section of LifeQuote, online 24-7, giving you access to all your cases regardless of the insurer in one place. It provides a summary of everything both you and your clients need to know. Online Case Tracking provides access to your customer s documents for you to view, print, download and store. To access the document simply login to Case Tracking, select Case Details. Then after choosing the case you are interested in pick Document from the side bar and you will be able to access the Quote, Key features, Online Application (the full application submitted to the insurer) and the Acceptance Terms. These will appear as soon as they are available for each case that is received on that day. You can also telephone the LifeQuote team for an update on Post completion, we also follow up any cancelled DDMs, premium lapses, address changes and just about everything else. We work to strict standards and chase cases continuously to ensure they never fall off the radar. We also know the value of different ways of communicating with customers, using text reminders and working through to 9pm to reach customers at more convenient times. 'Decision-in-Principle' Tool This is designed to enable advisers to source a medical, lifestyle, and in some cases, financial underwriting 'Decision-in-Principle' from the insurer or insurers you pre-select. It s a simple one-stop service that allows you to create a carefully assembled and proven advice profile for your customer that will reassure the customer, enhance your conversion rates, reduce NTU rates and declinatures and eradicate the need to multi-prop which in turn saves you time and wasted 18

19 effort. It will also, usefully, give you and your customer additional hard evidence for why you have recommended a particular insurer. LifeQuote, Company background LifeQuote was created in 2001 by Direct Life & Pension Services, as an expert portal for the life and protection marketplace, providing a unique administration service to simplify the sale of protection products. Since then it has grown to become the leading independent provider of straightforward, expertly sourced, life insurance, critical illness and income protection solutions. LifeQuote is probably the definitive web based Protection quote and apply platform in the UK, based on sourcing the most appropriate customer-centred solutions from all the major UK risk offices. It has grown to occupy this position by simply ensuring that placing business via our services is uncomplicated, commercially advantageous and time efficient. LifeQuote was conceived, developed and built in house by staff with in-depth experience of the Protection and Mortgage market. We operate from our offices in Chichester, West Sussex where over 110 Operations, IT and Management deal with thousands of applications every month. The software available at has been developed to provide advisers with a full new business and customer relationship toolkit - from helping customers to identify their own Protection needs and budgets, delivering a Decision in Principle tool, allowing them to construct a package of benefits, compare menu solutions with bespoke solutions and provide click button convenient processing for suitability letters and demands and needs statements. LifeQuote could be the missing link in your in-house research, admin and customer care team. We will help you make more money, provide you and your clients with a full protection administration service helping you retain them as customers for longer. Call us today and we ll show you how bigger can be better. LifeQuote Friars House 52a East Street Chichester West Sussex PO19 1JG Telephone info@lifequote.co.uk or salessupport@lifequote.co.uk Open Mon to Fri 8am to 9pm, Sat 9am to 12pm. 19