HSBC Life has teamed up with Square Health and UnderwriteMe to launch a digital underwriting innovation that facilitates frictionless medical screening request processing.
According to reports, medical screening requests can be sent to and received back immediately from the medical screening service provider, Square Health, which is available on the UnderwriteMe Protection Platform.
When the screening is completed, the results are fed back to HSBC Life’s digital underwriting rules engine – also provided by UnderwriteMe. The process instantly creates an ‘eligibility decision’ and the new service will be available through the HSBC Life extranet journey for IFA users who utilise IRESS, iPipeline, and Synaptic Webline.
The speed at which the underwriting can be done reduces customer waiting times and the number of time advisers chase results. Included in the new service is a real-time online dashboard that advisers can access to view the status of their applications.
If HSBC Life is unable to provide coverage based on the return screening results, the Underwriting Team will be on hand to provide explanations and ensure there is a duty of care so that the customer can seek medical advice from their doctor. The circumstances that will trigger the referral process are sum assured limits above the standard thresholds and a BMI range of 39 to 42 (age dependent).
Customers will also be protected during the underwriting referral process with free cover available up to 90 days, for the sum assured amount requested up to a maximum of £1mn for Life and £750k for Critical Illness applications. Protection is also available for ill health and accidents.