Royal London – a pioneer of the menu proposition – has introduced a raft of updates to its existing Personal and Business Menu plan propositions. The main changes are:
Being able to choose different start dates for each cover. For example, an adviser could start a client’s family cover immediately and their mortgage protection only once the mortgage has completed.
- Allowing a different owner for each cover within a multi-benefit application.
- Starting accepted covers immediately while the underwriting of other covers is still progressing.
- Sending advisers dashboard reminders to enter start dates online with no need to call the insurer.
- Automatically splitting plans where there may be a taxable event.
- Updated customer documentation.
All changes can be made within a single overall plan and direct debit.
Part of the aim has been to make it easier for advisers to submit applications and also to allow them greater flexibility throughout the life of the policy.
Comment: These are useful updates, primarily designed to make life easier for advisers and their clients.
The menu model makes a great deal of sense but its main drawback is over-complication, especially if a customer wants say life cover to start immediately but only needs their mortgage protection cover in force when the loan actually starts.
Full marks then for improving the journey. That’s important, not just on an individual case-by-case basis, but also to encourage more advisers to recommend protection insurance. And that will only happen if the process of getting policies up and running at the price the customer expects to pay is improved from what has been the norm until recently.
Plus points: A raft of sensible, practical changes to make writing protection business easier, quicker and better fitting for people’s real life needs; Covers business and personal menu plans; Split start dates and ownership helps avoids unnecessary compromises.
Not so plus points: Menu plans remain complex.
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: Menu; Royal London