A range of improvements to the way Fidelity Life works with financial advisers and clients have been implemented by the firm, and among them are reducing the jargon in policy wording.
“We’ve revised a number of our customer documents to remove unnecessary jargon and simplify the language so it’s easier to understand,” says the firm.
For example, ‘sum assured’ is replaced with ‘sum insured’, ‘date of commencement’ is now ‘start date’ and ‘life assurance’ is ‘life cover’ (to name a few).
The firm says financial advisers will see simplified language across several customer brochures.
In addition – as announced in October – Fidelity Life has enhanced its CPI and indexation options. Until 15 November, if an increase was made to an existing cover that has CPI or indexation in the six-months before policy anniversary, the inflation increase wouldn’t take effect until the second anniversary after the increase, says the firm.
The new reports will help you to better manage your new and existing customers…
But now, this restriction has been removed which means that no matter when a Fidelity Life customer increases their Platinum Plus, Platinum Plus Level or Mortgage Protector policy, the CPI or indexation will be applied at their policy’s anniversary. However, this change will only apply to new business issued on the amended wordings.
The company’s survivor’s income cover has been simplified. The option pays for the life of the beneficiary, and benefit periods to ages 55, 60 or 65 have been removed and the available benefit periods have been updated to 2, 3, 4, 5, 6, 7, 8, 9, 10, 15, 20, 25 or 30 years.
The class 1-4 definition of ‘total disability’ has been updated for its income protection-type covers and the firm is removing Funeral Fund and Defined Disability Income Protection cover from sale.
The company says in a statement to advisers that as well as the new-look customer documentation, “enhanced reporting is just around the corner”.
“The new reports will help you to better manage your new and existing customers, find opportunities within your book and track your business performance.
“Data is a powerful tool for modern advice businesses. We’re building data solutions that will provide you with richer reporting and insights to support you in driving your business forward and allowing you to make informed decisions on what warrants your attention.”