Aegon joins IRESS’ Exchange protection underwriting portal
Aegon has joined IRESS’ online comparison portal, The Exchange, enabling the insurer to offer partially underwritten quotes.
IRESS is a provider of financial technology services.
IRESS said the new functionality will enable advisers to provide their clients with a more accurate quote at outset for term, income protection, whole of life, multi-policy and multi-benefit products from Aegon.
Intermediaries are able to capture further details about a client’s height and weight using the technology which will return a partially underwritten quote that takes BMI into account. The service is also able to capture waist size information as an option to provide greater flexibility for users.
Stephen Crosbie, Protection Director, Aegon said: “As an industry we all need to work together to increase consumers’ understanding of protection. Managing client expectations is key to this. The more accurate the information advisers can give a client in the early stages of a relationship, the more likely the client will be to put the cover in place and seek advice in the future.”
Crosbie added: “Making our entire range of protection products available through IRESS’ Exchange underwriting service supports our commitment to making life easier for advisers to advise on and sell protection products to get more families and businesses protected quicker, shrinking the protection gap in the UK.”
Andrew Simon, executive general manager, product, IRESS, commented: “We’re starting to see real enthusiasm from providers for this service, with Aegon joining this month, following The Exeter in April and Aviva at the end of last year. We are very much looking forward to welcoming other protection providers onto the service in the near future.”