Swiss Re, in 2017 already put the simplification of underwriting and digital distribution strategies as one of the top priorities for the market going forward. Up and until then, digital solutions were always a nice to have, but in the individual risk market in South Africa, since the arrival of social distancing, they are a must-have. Vantage, 1Life’s financial adviser application, lets you service your clients digitally from FNA to acceptance. It’s quick and it’s efficient and above all, it allows you to work with your clients without having to see them in person.
What is Vantage?Vantage, 1Life’s financial adviser digital solution, is not only the start of 1Life’s 4IR journey, but from a financial adviser perspective it is unique in that it supports the advice-giving process, offers real time underwriting and incorporates both straight-through processing and remote acceptance. You can complete the entire sales process of any 1Life Risk or Investment product from application to acceptance in under 35 minutes. Our limited underwriting process offers clients up to R1.5M cover with only six questions; we also offer top up cover if you have taken up a policy at normal rates with another insurer in the last two years, with merely a health declaration.
Where can you find Vantage?
Launched in September 2019, the 1Life Vantage app is available on all smart devices. It is a fully integrated solution that gives financial advisers and their clients a completely digital way to fulfil business. The app can be downloaded from either the Google Play Store, if you have an Android device, or the Apple App Store, if you have an Apple device, once a financial adviser has registered with 1Life.
Overview of features and benefits
The Value of Vantage:
- Enables remote acceptance: allows for the conclusion of new business and servicing remotely through OTP (one-time-pin) functionality.
- Simple and convenient: Accepts 96% of policies on both limited and comprehensive underwriting.
- Fully integrated: Incorporates 1Life Plan to ensure rapid processing and appropriate product selection of the entire Life Risk and Investment product offering
- Speed: Real time underwriting and straight through processing is concluded in under 35minutes.
- Puts the adviser and the client at the centre: Removes administration overhead by allowing clients to self-service and alerting you when this is done in real time
- Paperless: Fully automated policy documents with electronic signature capability
- Daily commission payments: Four unique commission models. Our premium commission model protects you against commission risk.
- FAIS Compliant: Record of advice is incorporated, stored on the system and is available to adviser and client.
- Prioritises the advice process: The unique 1Plan FNA optimises client affordability based on their life stage.
There are a couple of significant value points associated with the use of Vantage and we would like to elaborate on these in more detail below.
Work remotely, be more productive and stay safe
There are two benefits to a system that doesn’t require face-to-face contact.
The first is that you can do business when movement is restricted, as it was earlier in the year, and possibly in the months and years ahead. Many insurers had to close down or offer very limited services during lockdown. With an online solution like Vantage this isn’t a problem - the solution is always available and remote acceptance means you can do business even in the strictest lockdowns, when social distancing is advised. Being able to connect online increases productivity and saves you and your clients the time and frustration of travelling.
The second benefit is that you can now open-up alternative age-group markets for your business. Online shopping and online banking means that consumers are familiar and willing to engage digitally. A solution such as Vantage showcases this same technology within the insurance industry and effectively provides the perfect human-technological collaboration platform. The advice-giving process of the financial adviser working in conjunction with the digital servicing enablement provided through Vantage.
Quick: 9.6 out of every 10 clients accepted in 35 minutes
Traditionally it can take as long as 3 weeks to complete the sale of a life insurance policy. A client had to fill in a form, underwriters had to assess the risk and the policy had to be accepted. 1Life has been underwriting digitally for 15 years and we have built digital underwriting skills that are unmatched in the local industry. With Vantage, policies are underwritten in real time and, even with comprehensive underwriting, policies can be accepted in 35 minutes.
The net result is that 96% of life policies are accepted on straight through processing, which means 9.6 out of every 10 clients will be accepted in 35 minutes.
Compliant: we take care of the fine print
Our processes are fully compliant, and we’ve made it easier for your brokerage to be compliant. We utilise electronic signatures, support all smart devices and use an OTP system to finalise acceptance.
In all cases the system records date and time and place of acceptance and includes these details on the policy schedule. The record of advice is also incorporated.
Vantage is adviser and client friendly
Top ups on existing products from any provider
Good advice keeps clients. Rule 19 of the Long-Term Insurance Policyholder Protection Rules have introduced onerous requirements in cases where the existing cover of clients is replaced. Our stance is that replacement is more arduous than simply topping up. More importantly, replacement is often not the best advice for the client, given that typically replacing cover is also more expensive as we age, due to for instance, the additional risk of change in medical status. If your client needs additional life cover, disability cover, dread disease cover or funeral cover, or has a product with another provider, they don’t need to cancel and replace, we can do a top up on 1Life Vantage.
Competitively priced products
We tested our client profiles and found that 63% had cheaper policies from 1Life than they could get anywhere else.
Products available on 1Life VantageRisk products: All Woman female-specific, dread disease cover, Dread disease cover, Disability cover, Elevated Pure Life cover, Expense Protector, Funeral cover, Pure Life Plus, life cover combined with funeral cover for extended members, 1Life Pulse
Investment products: Fixed Return and Global Growth Protector, Guaranteed Future Value investment, Living annuity, Retirement annuity, Tax-free savings account
Commission models
Vantage has four commission models:
- Regulated: upfront commission with clawbacks
- As and when
- Hybrid: combination of regulated and as and when
- Premium: our unique offering for select brokers that pays upfront commission with no clawback
Where applicable, commission is paid out on a daily basis.
CRM features
Vantage includes a CRM feature that has one integrated view of the client and allows you to schedule appointments and track contacts.
24/7 online support
Our broker consultant support is online and telephonic and available 24/7.
Simple, convenient and just what you need in 2020 and beyond
Vantage is the ultimate financial services tech and human collaboration, making doing business easier and faster. That means more time to spend with your clients and less time-consuming admin. Fast, simple, convenient, and digital - designed for the future, whatever that might bring.