Canada Life Group Insurance predicts an increase in advisers turning to online administrative and quotes portals in 2012.
After reaching its seventh anniversary this month (January 2012), Canada Life’s internet based eBusiness Portal (CLASS) now accounts for 28% of its new business premium (2011) and 46% of new cases (2011) for schemes with less than 50 lives. Canada Life believes that by the end of 2012, over 50% of new cases for small schemes will be processed online as advisers look for more efficient ways to write business over the coming year.
The coming year is likely to be a significant one for the group risk market as research from GRiD, Group Risk Development, found that over two-thirds (68%) of SMEs would consider implementing Group Life protection alongside their pension arrangements*, illustrating a clear opportunity for advisers to target new business.
CLASS (Canada Life Automated Self Service) is a complete end-to-end online solution which streamlines group risk processes offering a more cost-effective way to quote, place, renew and administer group protection business for suitable cases between 2 and 100 lives.
Paul Avis, sales and marketing director of Canada Life comments:
“As we draw closer to the Retail Distribution Review (RDR) advisers will be looking for ways to work through their administration more quickly and efficiently whilst cross selling to raise extra revenue. The ability to quote and then process schemes online means that they will have more time available to approach new clients and maximise their profitability. We believe that by 2013 over half (50%) of our new business from small schemes will come through our online portal. There is a clear opportunity for advisers to grow their client list as we approach auto-enrolment, and portals such as CLASS will only help to streamline the process.”
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