Synaptic Webline Protection quote and e-apply portal allows you to access quotes and information from Providers in real time and streamline Protection sales in any kind of organisation.
The portal was designed in the late 1990’s by financial advisers who foresaw that the Internet could be used to obtain and present comparative quotes from Providers and an IT expert from IBM who had the technical know-how to build out their vision. Their legacy is to be found in the current version of the UK’s leading Protection portal whose infrastructure supports over 50 million protection quotes a year, and is widely acknowledged as the leading technology of its kind, having pioneered solutions including pre-population of application forms to avoid rekeying, web services that allows users to design and build their own client-facing front-end screens, and functionality that allows panel management, special deals, commission sacrifice and other administration capabilities.
A new user interface was recently developed and launched with key distribution partners such as SimplyBiz, Network Direct and IN Partnership, along with infrastructure and security improvements. Other major improvements include the innovative ‘Feature Driven Quotes’ and ‘Social Reassurance’, aimed at making the process of selling protection easier, more relevant to the purchaser and more profitable to the broker or adviser.
An overview of Synaptic Webline
- The full range of cost effective and easy-to-use web-based quotation and fulfilment services.
- Quote forms are clearly laid out, and ask for the minimum amount of data in order to show comparative premium quotations, or single company quotes as appropriate.
- Your client quotes and personalised illustrations are securely stored in our database for your future reference.
- Online application facilities with many providers let you submit and track your business easily through a single “window”. There’s even a “password helper” to make it easier to access all those provider extranets.
- Not only do users get at least the same commission when applying online via Webline, many providers offer an enhanced commission payment for doing so.
- Webline links directly to providers’ own IT systems, so premiums shown are always current.
- Users may also choose to include Webline quotes within their website. Using your own branding gives added interest to the site, and potentially brings in more business from consumers.
- Wherever possible the data will be reused to save you time. This includes information from back offices and research tools.
The screen below shows the dynamic collection form for live quote.
The Protection Gap
Those of us who work at Synaptic Software wish to promote protection and work towards turning around the ‘Protection gap’ of nearly £2.5 trillion that exists in our nation (defined as uninsured debt). 54% of UK adults have no life cover. [Source: Protection Review]. Adviser / broker numbers are dropping meaning there will be fewer individuals committed to selling Protection in the future. We ask how can it be that only 5% of working population has Income Protection cover?
Our role is to help to equip, train and assist individuals, firms and enterprises to build and improve their capabilities in selling Protection. Synaptic Webline is the natural choice for any firm that wishes to develop their Protection business.
- Simply register for our services on this site. Cost is only £11 per month, per firm (no extra charge for multiple users).
- Your account is confirmed and activated the next business day. This includes the links that you can optionally implement in to your own web site for consumer quotes.
Product coverage – obtain comparative quotes from major providers in just a few seconds for:
- Level term
- Mortgage protection
- Family income benefit
- Convertible term
- Whole of life
- Income protection
- Over 50’s cover
Provider coverage – companies whose products are accessible through the portal:
- Beagle Street
- Legal & General
- Old Mutual Wealth
- Vitality Life
The screen below shows how multiple quotes can be processed simultaneously, as ‘stacked’ on the left hand side. Various parameters around the quote can be amended ‘on the fly’.
You can optionally add our links to your own website to offer quotes to consumers. The “profile” for your Synaptic Webline account can be tailored to your needs, including:
- set your own provider / product panel.
- set commission sacrifice levels, by product and provider.
- define compliance text for any consumer-facing web pages.
- create additional log-ons for each user in your firm (at no extra charge).
- auto-population of log-on and client data
If the adviser chooses to quote against more than one cover type, the system automatically assesses if that combination can be supported by a multi-benefit product.
The service will then allow the adviser to see the cost comparison of multiple standalone products versus a single multi-benefit product premium, which could be a more time and cost effective solution for the client. Advisers can also quote and compare specifically for multi-benefit products instead of receiving standalone product quotes at the outset.
The screen below shows how Synaptic Webline offers Multi-Benefit options when appropriate
Web services interface
Synaptic Software offers a number of web service based interfaces, enabling advisers to build systems that use Synaptic Webline as a quote and electronic new business “black box” engine, while consumers interact with the adviser’s own web pages. Some of our larger and higher volume user firms adopt this technique for their call centres and introduced business.
Large organisation / distribution support
Synaptic Webline offers two powerful and unique management control systems, especially designed for use by financial networks, national IFAs, and other larger organisations / distributors.
The sub-agent service is designed for use in a network where a main account (or master agency) is set up by the network principal with each provider. All sub-agents then use this agency – and can benefit from any commission enhancements the network has negotiated. This system is applicable to the following example organisation types: a network consisting of appointed representatives, a national IFA, a bank, building society or insurance company with a team of in-house advisers.
The group administration facility is designed for use by service propositions where, generally, the service owner has less control over their members. This system is applicable to the following example organisation types: a services network consisting of directly authorised firms, an IFA compliance support services company, and a mortgage services network.
Special pricing, terms and conditions apply to these administration products designed for large organisations.
Using Synaptic Webline to apply online
It is easy to apply online via Webline. Following a quotation, it’s a simple matter to access Providers’ proposal forms in a seamless process. The application forms are pre-populated with up to about 100 data fields that you’ve already entered into the Synaptic Webline quote form (client names, date of birth, plan details, etc.). This cuts down on the time you spend re-keying and reduces the risk of errors.
You can also store your provider extranet user name and password reminders on our e-apply launch page. So by sending all your new business via Synaptic Webline, there’s little chance of forgetting your login details.
Many of the providers offer instant decisions on underwriting. This means your cases go on risk faster. And most offer enhanced commission when you use the online applications through Synaptic Webline, making the benefits even greater.
Once you’ve obtained a personalised illustration (or recalled a stored illustration that you did previously) simply look for, and click, one of the following buttons
- clicking Apply Extranet links you to the provider’s site (via our handy password reminder)
- using Apply Online will open up the provider’s online form within Synaptic Webline.
Both methods allow you to submit your new business electronically, with all the benefits mentioned above.
This feature, allows you to automatically compare the costs of a joint life policy against the costs of two single life policies – a vital part of TCF. Any difference in the premiums of these two options is highlighted. In addition, for both joint and single life policies you will automatically receive supplementary premiums for added-on critical illness cover as well as the cost for including waiver of premium. This helps you give your client the information to make a more informed choice.
Feature driven quotes and social reassurance
This current Synaptic Webline development program has the potential to move the emphasis on protection quotes away from ‘price’ and on to ‘features’. By showing the client the “best fit” of a product for their needs, we believe this innovation, based on our existing quotation and e-apply processes, will help to improve:
- the percentage of quotes resulting in written business
- persistency rates.
The screen below shows an implementation of the innovative new Feature driven quote functionality, showing how a star rating can help assess a plan's suitability according to the desired features.
The broker interface and user journey will:
- promote the selection of Protection products based on features and suitability rather than price alone
- guide the user through stages in the process that currently suffer from significant drop off using context based ‘reassurance’
- provide additional support in the form of guidance, product reviews and prompts.
In addition to Synaptic Webline, you may wish to review our Suite of additional tools:
Synaptic Risk Rating – a free service including integrated Attitude to Risk Service
Synaptic Modeller – financial planning tool comprising of stochastic projection engine and full investment risk analysis capability
Synaptic Comparator – on and off platform price comparisons including Reduction in Yield Calculations
Synaptic Product & Fund Research – whole of market research, comparison and suitability report writing