A new tool aims to help insurance advisers manage the different procedures providers have put in place to deal with G-Day pricing.
The deadline for gender neutral insurance pricing is fast approaching and all major protection providers have confirmed their plans. The date when gender neutral pricing becomes reality, following an EU directive banning pricing according to gender, is 21st december 2012.
Each insurance company has issued differing guidelines for business in the run-up to the deadline. This has complicated the situation for advisors who have to keep abreast of the various procedures for each insurer.
Industry body F&TRC Protection Forum has launched a tool which compares insurers’ approaches to the G-Day pricing. Described as a “detailed matrix”, the system has been created using specialist protection advisers who agreed on the most important issues for G-Day pricing. This information is then presented in a consistent style, making it easier for advisors to compare the processes for different providers.
Providers were asked over 50 questions regarding their plans for G-Day, including whether or not policies can have a future start date, how they will deal with lapses and policy amendments and how long quotes are valid for.
The matrix is automatically updated as providers make additional announcements and is dynamically created by information maintained by each insurer. Advisors can receive email alerts each time the matrix is updated.
“Throughout our dialogue with advisers they have been consistently asking for clarity around insurers plans,” said F&TRC Managing Director Ian McKenna.
“By assembling a detailed analysis of each insurers plans, that can be compared side by side we are providing a central place where advisers from any firm can check and compare where each provider stands on the key G-day issues.”