IPS offers two process innovations that fundamentally change how insurance coverage is obtained. First, all evidence of insurability is collected by IPS – not the insurer – so the client can confirm the evidence is accurate and complete. Second, this evidence is sent to multiple insurers simultaneously so they can compete to offer the best coverage.
Insurability Assessment
IPS collects evidence of insurability on behalf of our clients and provides an underwriting assessment. This service is offered by IPS directly to its clients, without any insurer involvement prior to applying for any coverage. This approach affords clients many benefits, including:
- Opportunities for better financial and business planning;
- Transparency, accuracy and completeness of the evidence; and
- Strengthened negotiating power when choosing an insurer.
Independent Vendor Selection
IPS is the exclusive provider in Canada of an independent insurance vendor selection process. With the information gathered during the insurability assessment, IPS prepares a package detailing our client’s insurance need and the evidence to support it. This package is submitted to multiple insurers simultaneously, creating a truly competitive market for sourcing the coverage. Our client can then review each insurer’s offer of coverage and select the one that offers the best coverage at the best rate. This approach offers numerous benefits, including:
- Reduced impact of subjective underwriting decisions;
- Insurers are held accountable to the competitive market; and
- The client can exercise buying clout by controlling the process.
IPS only deals with top tier insurance carriers offering a full range of life insurance and living benefit products.