Article date: 6 May 2010
Aviva, the UK’s largest insurer, has reduced the number of doctor reports requested for life insurance applications by 60%. This has been achieved by capturing extra medical information using nurses and underwriters to speak to customers.
The initiative, called Improving Customer Underwriting (ICU), places the emphasis on underwriters making faster and better decisions which are often not helped by collecting doctors reports. Benefits of the initiative are:
- Saves time - customers are getting cover quicker, due to reduced application time
- Saves advisers time – less administration and time spent chasing
- Saves money – Aviva makes cost savings, due to less doctor report costs
- Reduces the need for busy GPs to deal with insurance related queries.
Whilst Aviva will continue to need doctors reports for some applicants to offer the fairest and most competitive terms, these initiatives will keep these to an absolute minimum.
Richard Verdin, protection director, at Aviva, said: “We constantly look for opportunities to lead and grow the market. One of the main delays experienced when setting up life insurance policies is gaining evidence from a customer’s doctor, which in a large number of cases doesn’t even change the underwriting decision.
"This can be slow, due to the level of other work GP’s have, and providing this information understandably can be less of a priority to a GP. We have taken the decision to lead the market whilst managing risk effectively. These changes show a new understanding of what is actually needed, developing our processes in the best interest advisers and our customers.”
For further information, please contact:
Telephone: 01904 452791 / 07800 690963
Notes to editors:
- Aviva is the world’s fifth largest* insurance group, serving 53 million customers across Europe, North America and Asia Pacific
- Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion at 31 December 2009
- We are the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe
- Aviva’s life and pensions business in the UK has a total market share of 10.3%** and a leading position in its key markets of savings, protection and annuities
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive
- For broadcast-standard video, please visit www.aviva.com/media/video.
- Follow us on twitter: www.twitter.com/avivaplc
* based on gross worldwide premiums at 31 December 2008
** Source: ABI data released March 2010