Increase in use of medical assessment services
Financial advisers have quadrupled their use of life insurance medical assessment services in the past year, according to Synchron Medical.
Synchron director, Don Trapnell, said the firm, which was established to help Synchron advisers manage and monitor medical requirements for insurance clients, had in 2015 550 referrals to Synchron Medical from Synchron advisers, while it had 2,270 in 2016.
“That is a phenomenal increase which demonstrates that Synchron advisers are finding the services highly valuable,” Trapnell said.
“We have had all the insurance companies on board since inception and believe increasing use of the service means advisers enjoy having more visibility over their clients’ insurance applications.
Trapnell noted that Synchron did not view Synchron Medical as a profit generating venture but as an additional service to offer their advisers.
“We therefore made the decision to share any profit from the referrals with the advisers using the service," he said.
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