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First Complete launches missed payments notification system

First Complete has introduced a new notification system which alerts members when a client misses a payment on their protection policy.

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.

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Comments
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  • anon 20th March 2013 at 9:42 am

    ahhhh, so this is actually a commission clawback notification system….good to see its business as usual in the world of FS!

  • anon 20th March 2013 at 9:42 am

    ahhhh, so this is actually a commission clawback notification system….good to see its business as usual in the world of FS!

  • Neil Johnson 20th March 2013 at 8:21 am

    agree anon 4:01. Flogging life assurance is all FC were concerned about.

    Not a clue about mortgages which seems bit weird for a ‘mortgage network’

  • Colossal velocity 19th March 2013 at 4:01 pm

    This is soooooooo funny.

    FC have been actively encouraging its advisers to sell loads of small premium life business for years now.

    I’d love to know why they “are now the only network in the uk” to have such a tool?

    Oh, I do know, their lapses must be rediculously high, after selling so many weak sales.

    The next thing they will introduce will a tool to spot complaints coming due to shoddy churning.

  • Neil Johnson 19th March 2013 at 10:15 am

    Don’t the providers write to the advisor when payments are missed anyway?

    Besides, have you ever tried to join this company…If you are not a direct relation to pope francis, don’t have £50,000 in your current account and have changed jobs in the last 20 years you’ve got no chance!!