The RHF allows enhanced annuity providers to collect comprehensive information about prospective customers’ health just once, so that they can make informed decisions about enhanced annuity product applications. The annuity providers asked Criterion to provide governance services, due to its not-for-profit, independent status; proven ability to handle the scale of the task; and having suitable contractual experience.
Criterion is well positioned through its independence and levels of experience, to support and manage the overall collective interests of a group of insurers, who recognise the value from third-party governance on cross-industry initiatives. Criterion has a proven track record in supporting ongoing business evolution, reflecting market dynamics and regulatory change and are well versed in change management and governance – all essential in ensuring long-term sustainability.
The customers and advisers use the RHF to capture medical information to create underwritten quotes which can then be compared on a like-for-like basis. Without the effective independent management of the RHF, annuity providers would need to capture health related information using alternative approaches. This could impact the ability to complete this information once, or for it to be used easily and consistently, by multiple providers that offer enhanced annuities. It also improves the customer journey by minimising effort in submitting medical information across providers.
Companies involved in the RHF community:-
• Aviva
• Canada Life
• Just
• L&G
• Scottish Widows
Billy Burnside, Criterion MD commenting said: “We are pleased to have been able to help annuity providers in the RHF community. It has been a significant piece of work and has played to Criterion’s strengths and capabilities. We have been able to offer trusted counsel, enabling competing organisations to enhance the existing RHF, significantly improving its usability and making it a more intuitive service for customers and advisers to use. We have provided professional management and governance, including regular and ongoing updates, facilitating cross-industry input and collaboration. The RHF helps the customer and their adviser make a single set of health disclosures at the start of the process, meaning that all providers can supply right-first-time quotes. A great example of where collaboration delivers a single, consistent process using a single, consistent dataset, rather than just digitising existing processes. Which ultimately means better outcomes for all.”
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