Use customer data to simplify protection underwriting, says MoneySupermarket

Data capture could make customer journey easier

Capturing customers’ data online could be used to make the underwriting process quicker and easier for protection products, according to MoneySupermarket.com.

Emma Walker, channel manager for protection at MoneySupermarket, told delegates at yesterday’s Protection Review conference this would save customers having to re-enter personal information more than once.

She said: “We can use the data we have got on our customers to prevent them from having to go through a long underwriting process.

“The way we use data and how this could relate to life insurance is something we certainly need to think about in the future.”

Robert Morrison, chief underwriter at Aviva, told Health Insurance today that a data capture model could be an efficient way of streamlining the underwriting process and removing the potential for non-disclosure.

He said: “There are things the industry could do from an underwriting perspective to simplify the customer journey using data analysis to identify good risks and bad risks, and save customers having to enter reams of information.”

He said that in theory, if providers developed partnerships with organisations such as banks, they could use information about customers’ habits to determine their risk profile.

He said: “We could then offer them protection products at a set price and say, click here to buy. That would take away the whole non disclosure issue.”

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