The Association of Medical Insurers and Intermediaries (AMII) has announced that the UK PMI industry will adopt the electronic transfer of underwriting data following a “landmark agreement”.
The deal follows an industry-wide consultation led by AMII executive chairman Stuart Scullion, who said the agreement was “an immensely proud moment.”
Scullion praised the “vision and determination” of insurers for introducing this new industry-wide measure, which was previously deemed “too difficult to achieve”.
Within 12 weeks, however, the AMII has agreed on and implemented the pan-industry measures. The arrangement will launch on 1 July, and will reportedly involve a number of new protocols for intermediaries and insurers.
The newly-adopted processes will involve the transfer of encrypted data files to nominated email addresses at each insurer as a secure data transfer.
For larger insurers, the process will be automated, with greater manual intervention for smaller firms. A five working day industry-wide service level has also been agreed.
Scullion said: “The Covid-19 Coronavirus has forced all of us to adopt working practices and processes to meet Government social distancing and self-isolating guidelines.
“It makes no sense for intermediaries to visit their offices to collect membership certificates and underwriting to facilitate policy transfers to another provider when there is a readymade solution at our fingertips.”
He added: “I am immensely proud of what we have been able to achieve as an industry in adopting a digital process to exchange personal data and underwriting directly between insurers.
“There have been many challenges to overcome as we sought to agree a process and establish a protocol, and I want to extend my personal thanks to the representatives of all those insurers who have shown the vision and determination which has enabled this to happen.”