MorganAsh

The service has been in operation since February 2010 and has been a great success. Over 70% of consumers have received enhanced rates for their annuity, an increase of approximately 50% of consumers compared to the traditional methods of applying for annuities by filling in paper forms. Not only are the consumers getting better rates, but brokers are winning more business as a result.

Traditionally, advisers screened consumers to see if they would qualify for an impaired annuity. With some providers now offering impaired rates on over 1800 conditions, this is clearly becoming difficult for many advisers. It has hence become crucial that all advisers giving advice on pension arrangements should ensure an accurate and thorough assessment of the consumer’s health and the resultant annuity they could receive. Ideally, this should be undertaken in conjunction with considering the various financial options available at the retirement stage.

Some advisers decide to send the paper Common Quotation Request Form (CQRF) to the consumer, opting not to get involved in a process they are not trained nor qualified for, while other brokers undertake a medical interview with the consumer and complete the CQRF on their behalf.

MorganAsh provides a quick and easy way to collect the required medical information, by interviewing the consumer over the phone. This tele-interview replaces the cumbersome task of completing the paper CQRF traditionally used.

Brokers advise the consumer in the normal manner about the options for their pension. The adviser books an appointment online with a MorganAsh nurse to undertake the medical interview. There is just one tele-interview with the consumer, and the resultant data is sent to all of the impaired annuity providers (Just Retirement, Partnership, MGM, LV=, Canada Life, Aviva, Legal & General and Prudential) for their underwriting and pricing.

The MorganAsh tele-interview covers the medical questions on the CQRF. The medical interview with the MorganAsh nurse collects far better medical data than presently collected on the CQRF, which leads to the optimal annuity rate for the individual consumer.

Fully completed medical interview reports reduce the need for underwriters to return to brokers and consumers for further information, or GPs for medical reports, thus overcoming a time-consuming and frustrating aspect of the present process.

An ABI survey in July 2010 on why people did not take the OMO (Open Market Option) showed that 14% of consumers reported it was too much hassle and 11% reported not enough expertise and the need for professional advice. This backs up the anecdotal evidence that many advisers don’t pursue impaired annuities as they don’t have sufficient training or experience in collecting medical information, or are simply uncomfortable with asking consumers about sensitive medical conditions such as cancer. In addition, determining when it is appropriate to pursue the impaired or enhanced options requires considerable experience. The MorganAsh service will remove this barrier, so enabling greater opportunity for advisers and consumers in line with government OMO aims.

Andrew Gething, managing director of MorganAsh, commented: “Giving best advice means we must properly review the options available for an individual at retirement stage, and it is the adviser’s responsibility to ensure this is undertaken in a thorough and diligent manner. Our service guarantees to advisers and consumers that this is done properly, ensuring they get the best annuity rate.”

Billy Burrows of Better Retirement commented:“We are finding more and more clients are choosing the MorganAsh service when we explain the benefits of using telephone interviews.”

Cord-Roland Rinke, general manager for Hannover Life Re, commented: “We fully support the advent of tele-interviewing. It offers a new and convenient route for customers to their annuity, while enabling providers to establish an efficient and automated underwriting process. The quality of the information collected will be very high, thus allowing a fairer pricing for every annuitant.”

Richard Helyer, chief underwriter and claims manager at Canada Life UK, commented: “We have adopted tele-interviewing in our protection business and there are clear benefits of improved information, simpler processes and reduced risks. We are keen for such benefits to follow in the impaired annuity market.”

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Our clients say:

The service has been amazing, from the initial support received from an in-house nurse, to being referred to a specialised mental-health therapist. During the time of my therapy sessions I received ongoing support from the nurse who would contact me regularly for an update of my progression. The battle with depression has been very difficult to overcome but MorganAsh has helped me every step of the way.

Peace of Mind client