NEW CLIENT CONSENT PROTOCOL

New Client Consent Requirements for Lifestyle Protector Products How Supporting POPI Simplifies Process

An Adviser Guide

A New Process for a New Law

Consumer-facing businesses have been aware of the POPI Act for some time now, but whereas in the past it has been a mostly voluntary consideration, the Act will become law in April 2021.

This gives us an obstacle to overcome and an opportunity to simplify our quotation process.

Let’s see how‌

Protection of Personal Information Act [POPI]

Client Consent Regarding Personal Information Essentially, from now on every client needs to sign consent for the inclusion of personal information – including ID Number and credit score – to be collected as part of the quotation process that Liberty provides to an adviser.

Up to now, we have often delayed consent until after client accepted the initial quotation.

We then calculated the final quote after full disclosure of the ID Number and credit score.

This was cumbersome and uncompetitive.

This is now mandatory

The Earlier, the Better An initial quotation without the inclusion of all personal information was declared as being subject to adjustment following the extra information required.

Also, the final quotation based on Underwriting Consent with the addition of all personal information was often higher than the initial quote.

This often made the Liberty proposal less attractive than competitor offers. This situation falls away when we include all personal information upfront.

This could lead to difficult conversations with clients that are no longer needed.

Simplified System Offers More Competitive Quotations

Extra Insights for Added Value We currently require a client to give consent for us to use their name, date of birth and biological gender for quotation purposes at the initial stage.

The addition of the ID Number and credit score is merely an extension of that personal trust in the adviser.

This deepens the Know Your Customer insights and leads to more powerful and personal proposals at the earliest stage.

This helps make the interaction more meaningful and the quotation more persuasive.

Extending the benefits of the human touch

Proposed Process for Proposal Quotation

An information box at the client details screen will ask that clients give consent for all their details to be entered (not just ID Number).

Because such consent will be compulsory at the proposal stage, ticking this box at this stage will result in a firm quote, including the premium adjusted for the credit score.

The quotation process now makes the sales process faster and more competitive.

Tick the box

The New Standard

As a way of abiding with all laws and regulations, Liberty will now assume that an adviser has obtained consent for the inclusion of the required personal information in line with the POPI Act. This will seamlessly align the quotation and proposal processes with the new, improved sales process.

Pop-ups and other reminders will be incorporated into the quotation documentation.

These will help the adviser comply with this assumption.

All quotes will assume client consent

Industry Alignment These changes to the quotation and proposal process are now in line with the best practice of the long-term and short-term insurance industry.

Until now, Liberty quotations and proposals have been disadvantaged in terms of speed, accuracy and competitive pricing.

The new process not align with FAIS, FIA and POPI Act requirements.

It also makes Liberty products and services more attractive to advisers and clients.

Increasing our competitiveness

How it Works

The new process supports our customer value proposition of being more human.

It is easier to understand, more transparent, efficient, and valuable to a client looking to secure their financial freedom: 1 2 3 4 5

ID Number at personal details stage Personal details automatically populated Quote generated with premium calculated Client accepts the quote We initiate the policy!

And why it’s better

Enjoy a Better Way

Quotations and Proposals Made Simple and Seamless Brought to you by Liberty

In it with you