Decreasing term critical illness added in latest update to CIC Compare
02 October 2019
Available as a standalone product, or as an add-on to a Defaqto Engage license, CIC Compare allows advisers to easily compare new and historical critical illness policies in under five minutes on a whole of market basis, including Vitality.
We have developed a unique methodology for scoring conditions based on input from product pricing experts. This methodology focuses on the quality of the definition of the condition, rather than just the number of critical conditions, leading to better client outcomes.
The scores allocated to each definition are based on the likelihood of being able to claim in the event of contracting the condition, and can be weighted for male and female clients. We have scored 32 conditions (including the 21 conditions set out in the ABI guidelines) accounting for 98.9% of UK claims.
CIC Compare also enables the comparison of policy wording for 113 other conditions. Overall, this allows you to quickly compare 145 conditions, making it easy to cater to your clients’ individual needs.
Complex and constantly evolving
“CIC policies are complex and are constantly evolving. These two factors make it time-consuming to compare older existing policies with new products. This, coupled with mortgage lenders looking to add critical illness insurance to strengthen the level of protection they have on the loan, makes accuracy and detail even more important” says David Cartwright, Head of Insight (Wealth and Protection).
“Defaqto's CIC comparison tool, CIC Compare not only enables advisers to make better-informed decisions and provide transparent advice it also reduces complexity, ensuring that advisers' clients end up with the most comprehensive policies with the most fitting wording of CI definitions for their specific needs” he adds.
You can learn more about our end-to-end financial planning tool, Engage Core, or request a free trial, here.
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