HSBC Life provides access to just such a toolkit . Here are some of the benefits it offers .
1 . Instant indicative decision Making full applications that ultimately won ’ t progress can waste considerable amounts of time for you and your clients . With HSBC Life UK ’ s Pre-Sales Underwriting Tool it takes just two minutes to get an indicative decision . You can get an answer in a few straightforward steps , without needing to enter a client ’ s personal data .
The Pre-Sales Underwriting Tool includes critical illness and life assessments , and you can keep a record by downloading the pre-sales decision as a report .
Linked directly to our rules engine , giving you accurate decisions covering multiple medical conditions , family history , BMI , occupations , travel , TPD , waiver and hobbies .
Once you ’ ve finished , you can decide what platform to use to start the full HSBC Life UK application .
Figures show that over two-fifths ( 43 %) of advisers have changed their client-servicing approach because of the Consumer Duty , which celebrated its first birthday at the end of July . The FCA ¹ reported in February that 37 % of advice firms have reviewed or changed their fee structure .
2 . Fast health screening You can stay in control and access swift results with our innovative medical screening . Requests are sent to and received back automatically from our screening provider , Square Health , expediting underwriting decisions and cutting adviser and client waiting times . And there ’ s no need to chase decisions : you can easily track application status on our real-time online dashboard and results are returned digitally to our underwriting engine .
Providing a straightforward and inclusive journey is our underwriting philosophy , helping deliver a better experience for clients who may have been turned down elsewhere .
We offer immediate terms to over 85 % of customers who disclose a mental illness at the point of application . Clients with type 2 diabetes can apply for critical illness cover with no NHS records required . And our definition of a heart attack is broader than the ABI ’ s – if the consultant says it ’ s a heart attack , then it ’ s a heart attack .
3 . Product and process information at your fingertips You ’ ll have the tools you need to guide you through our time- and effort-saving digital approach to underwriting and business processing . And you can do business faster with our full product guides , BMI tables and factsheets explaining our approach to medical screening , including sums assured parameters .
We know how important claims are to you and your clients , and a key element of our toolkit is dedicated to our claims processes and a video of a real customer story .
In 2023 , HSBC Life paid 95.5 % of critical illness and 97.5 % of life claims across all HSBC Life ’ s life and critical illness products and distributions channels . Our average turnaround time for all claims is six weeks for critical illness and five weeks for life . Our voice of customer scores this year are 9.9 / 10.0 .
4 . Help for your clients to make the best decisions Ensuring good value and good outcomes for your customers is key . To do this , they need to have a full understanding of the products you are recommending .
Our extensive resource library gives you access to a collection of literature , videos and fact sheets that you can use as sales aids , as well as selected material you can share with your clients explaining the benefits of HSBC Life UK ’ s offering . These include HSBC Life Online Health Services , which offer access to a second medical opinion , unlimited 24 / 7 digital GP consultations , mental health support , physiotherapy and an annual health MOT .
You ’ ll also find guides and videos about putting a policy into Trust .
5 . Smoother communication It ’ s quick and easy to support your recommendations for our life protection and critical illness products by downloading pre-prepared paragraphs that explain the key features and benefits of cover .
To conclude , advisers are central to the growth of the protection market . As such , the relationship between product providers , such as HSBC Life UK , and advisers is fundamental , particularly in key areas such as education , market intelligence and updates on new developments . Our extensive toolkit keeps you up to speed in all these areas , helping your business flourish and grow .
To access our extensive toolkit , visit : www . Life . HSBC . co . uk / Advisers .
¹ https :// www . fca . org . uk / news / speeches / consumer-duty-art-possible-year
HSBC Life ( UK ) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority . Registered in England ( United Kingdom ) number 00088695 . Registered Office : 8 Canada Square , London E14 5HQ . Our Financial Services Register number is 133435 . HSBC Life ( UK ) Limited is a member of the Association of British Insurers .
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