FMI releases new online application to keep advisers ‘competitive, relevant’

26 January 2021 FMI

Life insurer FMI (a Division of Bidvest Life Ltd) is rolling out a new online application that will provide its independent financial advisers with a far superior experience when compared to paper. Quicker to complete, less questions, live chat support and faster turnaround times are a few of the benefits that comes with their new digital application process.

Steve Piper, Chief Distribution Officer at FMI, said the new online application offers a new and improved way of working that would add significant value to the lives of its advisers by helping them stay competitive and relevant in a marketplace that is increasingly demanding faster, smarter and easier processes.

“This innovation is the result of two key market drivers. The first is the Covid-19 pandemic, which has seen a sharp increase in the number of applications being submitted electronically by advisers, many of whom had previously only submitted paper applications. More importantly, though, our customers don’t see digital platforms as technology, but as a way of life. If we as insurers and advisers want to stay relevant, we must deliver the instant, effortless experiences our customers are demanding,” said Piper.

Gareth Quin, FMI’s Chief Technology Officer, said the new application had been designed with speed and ease of use as the primary goals. “The benefits that come with digital application processing makes paper redundant in so many ways. By moving to a fully digital application process, we will have so many new opportunities to dramatically improve both the client and adviser experience at such a crucial stage of the life insurance onboarding journey and we’re excited to make this leap,” he said.

The key benefits of the new online application include:

· Automated underwriting checks result in faster decision making for standard cases.
· Client details are pulled through from quote to application, saving the need to retype information.
· Digital signatures at policy acceptance, which means no printing, signing and scanning of documents is required.

· Intelligent medical questions mean far fewer additional requirements to manage.
· It automatically fills out most of the Replace Advice Record (RAR) form on completion, minimising effort and saving time.
· Intelligent information validation, which means no data errors in applications.

• Complete anywhere, anytime, on a range of devices - phone, tablet or laptop.
• Easy navigation and live support.
• Simplified language to improve disclosure and the claim experience.

“The ultimate benefit of the new online application is to help our advisers start writing faster, smarter and easier business today, thereby boosting their businesses and helping them make more money with less frustration and time,” said Piper.

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South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?


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