HSBC digitises protection insurance with OPAL
Written by Peter Walker
FinTech solutions developer OPAL IS has launched a fully digital platform for HSBC’s new income protection product.
The new proposition, aimed at advisers and comparison websites, is currently being trialled on a small number of intermediary firms ahead of a wider market roll-out later in the year.
The system was built on the firm’s PANDORA platform and white-labelled to HSBC’s brand requirements. The build included all aspects of the customer journey from quotation through to acceptance, administration and claim. It includes an adviser portal for fully digital self-service as well as being integrated with comparison websites.
It also features a Quick Quote process, which enables financial advisers to get a rapid indication of whether their client qualifies for the product, without the need for detailed underwriting questioning.
Eoin Lyons, OPAL Group chief executive, explained that his firm has already supported HSBC for many years by administering a number of high value and complex products.
“We believe we are the only software and solutions provider in the market who can deliver a fully digital solution in just four month,” he stated. “Our three main drivers in developing software solutions are flexibility, speed and quality of build across range of products and brand types, such as wealth, banking and protection.”