Enhanced annuity telephone service provides better customer experience and best rate

• 90% of application forms for enhanced annuities received by MGM Advantage are incomplete first time around
• Gap filling forms could provide on average a 3%¹ increase in the annuity rate offered
• Free telephone interview service launched to advisers to help improve service and rates offered to clients

MGM Advantage, the retirement income specialist, has launched a free client telephone interview service for advisers to use when providing advice on enhanced annuities. The in-house service aims to improve the experience for clients during the quotation process, remove the risk from adviser businesses from incomplete medical forms and ultimately offer a competitive annuity rate first time.

“

The free telephone interview service aims to address many of the problems both advisers and providers face when trying to put clients on risk. We appreciate advisers are busy people, so the process has been designed to save them time, while also removing the risk of the complex medical forms being incomplete.

Our research has found customers often feel reluctant to disclose their full medical history to their adviser, which is entirely understandable. Our interview process is handled by trained individuals who know the right questions to ask for further clarification and disclosure. This ensures all relevant information is captured sensitively, which often can provide a significant increase in rate because we have a full picture of their health and medical conditions.

Jules Charrington, Chief Underwriter, MGM Advantage

„

Upon completion of the telephone interview service, a PDF version of the Common Quotation Form (PDF CQF) is produced which is sent to the adviser, who can then, if appropriate, broke the market for the most competitive rate.

1. Source: MGM Advantage – over 2013 client rates on enhanced terms were improved by on average 3% following form gap filling.