Sales Ideas & how to write more Protection Business VITALITY.CO.UK/LIFE
Ongoing philosophy Medicals made Speed and quality of enhancement easier underwriting VITALITY.CO.UK/LIFE
UNDERWRITING ASSISTANCE Underwriting Pre-sales Servicing Access to underwriters/Philosophy Call or email In-force assistance /screenings/fewer medical questions VITALITY.CO.UK/LIFE
IMMEDIATE ACCEPTANCE Immediate acceptance on: SLAs Underwriting referral – 12 hours 72% of LIFE POLICIES Additional requirements – 24 hrs 71% of SIC POLICIES Outstanding requirements chased every 3 days 55% of IPC POLICIES VITALITY.CO.UK/LIFE
Vitality nurses - February 2017 to March 2018 +16 Over Over 6000 by July 300,000 2018 24 screenings miles travelled nurses End to end service down from 96% of all Appointments can 13 to as low be booked within screenings carried 2 hours out by a Vitality as 2 days nurse Finger prick testing VITALITY.CO.UK/LIFE
ON-GOING ENHANCEMENTS TO UNDERWRITING PHILOSOPHY Occupations Anxiety Ulcerative Colitis Self Lumps 27 27 Raised FH motor Future travel Smoking and harm cholesterol neurone Type 2 diabetes questions bumps TPD SCC/BCC disease Crohns disease Abnormal smear FH of PKD Back Pain Heart murmurs ENHANCEMENTS Armed forces Type 1 High blood Metabolic Skin lesions diabetes Pins and needles syndrome pressure Depression Exclusions Hypothyroid Asthma VITALITY.CO.UK/LIFE
Recent underwriting enhancements STP 87 Crohn’s Disease Previously 0% STP with 100% TGPR % 70 Type 2 Diabetes Postponement for recent diagnosis removed % 57 Future Travel Automation of most disclosures – previously 100% refer % 81 Tweaks to focus on last 3 years symptoms / medication. Thyroid ✓ Fewer medical % Previously 69% STP Conditions requirements and more 40 Type 1 Diabetes Previously all cases referred to underwriting immediate % acceptance VITALITY.CO.UK/LIFE
Maximum loadings Life Cover +400% ➢ SIC +150% ➢ IPC + 150% VITALITY.CO.UK/LIFE
ONLINE UNDERWRITING INFORMATION All Underwriting Guidelines can be found in Literature and Tools on our Adviser website- including Medical/Financial limits, Residency info, Occupation Guidelines and General UW guide . VITALITY.CO.UK/LIFE
PRODUCT ENHANCEMENT • Optimiser Underwriting • Dementia & FrailCare Cover • Income Protection VITALITY.CO.UK/LIFE
Optimiser Underwriting VITALITY.CO.UK/LIFE
People are aware of insurance needs, but dread the lengthy application process Current application form has 24 medical questions and over 1000 words VITALITY.CO.UK/LIFE
OPTIMISER UNDERWRITING Number of Medical Questions Count of Words Unexplained weight loss asthma Thyroid problem Oesophagus cyst dizziness Difficult hearing 5 Gynaecological disorder 5 min Sleep apnoea Heart attack Family History fainting Muscle pain Mental Disorder to complete the 1000 to 600 lump medical questions COPD cancer gout Schizophrenia HIV Blood pressure Time off work Chest pain Blood cholesterol Memory loss Digestive system 80% 40% conjunctivitis DVT bronchitis arthritis fatigue VITALITY.CO.UK/LIFE
Dementia and FrailCare Cover VITALITY.CO.UK/LIFE
People are living longer, but not necessarily better 50% increase in over 65s in UK over next 30 years 1 Dementia - number 1 cause of death in UK 2 1 in 3 people born 1 in 14 over 65 today will see some has dementia in the form of dementia in UK 2 their lifetime 3 1. ONS, Overview of the UK population, July 2017 2. Alzheimer's society, 2017 3. Alzheimer’s Research UK, 2015 VITALITY.CO.UK/LIFE
People want to keep their independence in later life, but existing solutions aren’t working £ Long-term care annuities are People don’t want to sell Government support is Family structures are their home expensive means-tested changing £140k 84% £23,250 2.5m of over- 75s wouldn’t consider for £10,000 per assets above which you will people over the age of using equity release as a means annum 1 75 live alone 4 have to fund all of your to fund social care 2 own social care 3 1. UK Care Guide, 2018 2. Mintel, Planning for Long-term Care, 2017 3. Gov.co.uk, Care and support statutory guidance, 2018 4. Age UK, Later Life in the United Kingdom, 2018 VITALITY.CO.UK/LIFE
The incidence of later life conditions changes significantly Institute & Faculty of Actuaries, CIBT08, 2014 100% Others Others 80% Dementia, Alzheimer’s, Parkinson's 54% 60% Heart Attack Stroke of serious illnesses in later life 40% Cancer May lead to frailty 20% and a requirement for care Age 70 Age 75 Age 80 Age 85 Age 90 0% Dementia - the leading cause of death in the UK VITALITY.CO.UK/LIFE
Protection market focusses on pre-retirement needs 13% 87% of total market of total market Risk of illness Risk of death Term Whole of Life Retirement age Age Source: ABI all channels VITALITY.CO.UK/LIFE
This protection also includes Funeral Cover which always pays out Guaranteed Funeral Cover Dementia and FrailCare Cover Pays out on: Dementia 10% 0 50 % 4 NO CHANGE TO PREMIUMS OR Alzheimer’s UNDERWRITING* Parkinson’s of remaining of remaining Term Life Cover severity levels Stroke Serious Illness Cover (capped at £10,000) plan account Frailty COVER FOR LIFE (capped at £100,000) *Premiums continue after Life and Serious Illness Cover term VITALITY.CO.UK/LIFE
Dementia and FrailCare Cover – unique cover for Optimisers plans Cover beyond the policy term 1 Unique continuation option Dementia, Alzheimer's, Parkinson’s, Stroke and ADL Failure 2 Lump sum benefit paid out on severity Includes Guaranteed Funeral Cover 3 Cover which always pays out No additional premium or underwriting 4 Premium guaranteed for life VITALITY.CO.UK/LIFE
IPC ENHANCEMENTS Public Sector Financial Deferred Workers Guarantee Periods Occupation Additional Continued Classes Benefits Income Benefit Hospitalisation STIP Amount Benefit VITALITY.CO.UK/LIFE
Public Sector Deferred Periods UK population that work in public sector roles . 17% Seamless benefit pay-out matched to sick pay scheme Covers more public sector workers than anyone else. VITALITY.CO.UK/LIFE
Public Sector Deferred Periods To apply simply select a 12 month deferred period 23 VITALITY.CO.UK/LIFE
Benefit Amount • STIP • Primary Cover • Comprehensive Cover 60% of the first £60,000 and 50% thereafter VITALITY.CO.UK/LIFE
2 MONTH DEFERRED PERIOD Now offering an additional deferred period for customers who cannot afford a 1 month deferred period but do not have enough savings to last 3 months without income. VITALITY.CO.UK/LIFE
Occupation Classes 151 occupations will move Max expiry age on several to a lower class occupation are increasing by up to 10 to 15 years. VITALITY.CO.UK/LIFE
Financial Guarantee ✓ ✓ ✓ £1,500 minimum Verify income anytime Guaranteed benefit amount , automatically within the first 6 regardless of any future guaranteed months up to £8,000 changes in salary. 27 VITALITY.CO.UK/LIFE
THANK YOU VITALITY.CO.UK/LIFE
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