The lapse early warning system produces an email alert for every member firm which shows details of each policy that is in danger of lapsing.
The information provided will be a composite of when a payment was missed, the arrears due, the requirements needed to reinstate the policy and the amount and date of commission clawback should the clients’ premiums remain unpaid.
The data will be pulled together at company and regional levels.
First Complete sales operation director Toni Smith says, “Our members work hard to ensure their clients have the right protection in place, but when circumstances change and policies get cancelled clients don’t always tell their adviser and that valuable protection can be lost. Our new Lapse Early Warning System means that our members are notified as soon as a client misses a payment so they can immediately contact the customer and find out what has triggered the change. In the majority of cases this simple, early intervention can stop a policy from lapsing.”
First Complete says the system is the first network in the UK which is designed to notify members on the risk of policies lapsing across a whole range of panel providers in this way.