Iress, a leading technology provider for the financial services industry, and Zurich, a prominent global insurer, have announced a partnership to enhance the quotation process for life insurance products on Iress’s The Exchange platform.
The collaboration introduces new ex-smoker questions on Zurich’s Term and Critical Illness products available through the platform.
This aims to deliver more accurate upfront quotations, helping brokers provide their clients with better insights into premium costs.
Iress, which provides software solutions to financial professionals, has designed this enhancement to help brokers differentiate between ex-smokers and non-smokers when generating life insurance quotes.
This differentiation leads to premiums that more accurately reflect individual risk profiles. Zurich’s participation builds on its previous adoption of enhanced BMI (Body Mass Index) questions, further improving the precision of its underwriting process.
Zurich’s addition of ex-smoker data complements the enhanced BMI questions it already supports. By combining these two factors, Zurich aims to offer brokers and clients a clearer understanding of premium pricing and potential cost variations based on more accurate health data.
The new feature benefits brokers by reducing the complexity of the advice process. It also positions Zurich to better respond to client needs for transparency and certainty during the quotation phase, ensuring premiums align more closely with clients’ health profiles.
Iress’s global head of product for sourcing, Jacqui Durbin, highlighted the company’s focus on innovation and customer needs. “The new questions demonstrate our commitment to innovation and responding to market needs. By harnessing the powerful combination of ex-smoker and BMI data, Zurich is well positioned to deliver greater certainty and transparency to its customers,” Durbin said.
Zurich’s director of protection, Louise Colley, expressed enthusiasm about the partnership. “We’re delighted to join the new Iress service and deliver more certainty to advisers and their customers on the price of cover at quote stage. With the various smoker statuses used across the market, the approach helps to simplify a potentially complex part of the advice process,” Colley said.
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