Just over two years on from its 2019 launch, Partners Life has given advisers one more reason to use its MUM underwriting system – there’s now an option for clients to enter their information directly into the system from wherever they are.
The option uses a unique and secure link that financial advisers can send to their clients so they can complete their personal statement in their own time, on their own device.
“This ability for clients to pre-complete their underwriting disclosures prior to your meeting can save time at the kitchen table and reduces the need for multiple client visits,” says the firm in a statement.
“For advisers who may be selling to clients in a different geographical location, this assists you in providing clients access so they can complete their own personal statement, enabling a smoother end-to-end advice and application process.”
Advisers will be able to track how clients are getting on and can ‘jump in’ should a client need help. Once a client completes the process, the adviser is notified.
Overall, the company says its MUM system is providing financial advisers with a seamless electronic application and underwriting tool – and that digital applications are prioritised by the firm over paper-based applications.
Among the key stats of MUM since its launch in November 2019 include:
- 22,000 applications submitted via the system
- 38,000 lives assessed
- More than 70% of all new Partners Life business is processed using the system
- One-third of applications submitted via MUM generate a decision at point of sale
- Applications via MUM require 50% less handling by the firm
- The system has been shown to reduce the risks of missed information and inadvertent non-disclosures
Partners Life will be hosting webinar sessions on 9 and 15 February where staff will deliver a live demo of the new functionality, demonstrate how the hand-off between adviser and client works, and answer any questions advisers may have.