HSBC LIFE (UK) BOOSTS INCLUSIVITY WITH MENTAL ILLNESS UNDERWRITING CHANGE
- Applicants disclosing mental illness for life and critical illness cover now more likely to receive cover and standard terms
HSBC Life (UK) Limited (“HSBC Life (UK)”) continues to focus on its expansion of underwriting and inclusivity with the introduction of new digital rules for mental illness disclosures made during a life and critical illness cover application.
This builds on the drive to trust the customer and remove the stigma of mental illness and barriers to protection.
Taking time off work and seeking treatment are seen as a positive for tackling the illness and not a barrier to a customer’s protection needs. HSBC Life (UK) also recognises that customers who have had historic thoughts of suicide or self-harm should have the opportunity to receive standard terms at application stage.
With this approach HSBC Life (UK) has increased the opportunities for cover with standard terms at application stage with no back-office underwriting and no need for a GP report.
Initial tests* of the new approach have seen an increase of 10% of applicants disclosing a mental illness receiving terms at application stage and 70% of applicants disclosing mental health issues receiving standard terms at application stage.
Launching on February 1st, this coincides with Time to Talk Day which focuses on creating supportive communities by having conversations with family, friends, or colleagues about mental health.
Figures from the Time to Talk Day campaign**, run by various mental health charities across the United Kingdom, show one in four adults in the UK will experience mental health issues in any given year.
Mitchell Barker, Head of Product and Chief Distribution Officer at HSBC Life (UK) Ltd, said: “We continue to build trust with our customers, and we are working hard to increase our focus on improving inclusivity and moving away from historic industry practices on underwriting mental illness.
“Preliminary results from the launch of the new rules have been very positive, demonstrating how the evolution of our underwriting approach is further enhancing inclusivity and enabling more people to receive important protection cover.”
ends
Notes to Editors:
*HSBC Life data
**https://timetotalkday.co.uk
Media enquiries to:
HSBC Life
Ellis Ford – ellis.ford@hsbc.com
Citigate Dewe Rogerson
Seb Zickus – +44 (0)20 7025 6494 – seb.zickus@citigatedewerogerson.com
About HSBC Life (UK) Limited
HSBC Life (UK) Limited is part of the HSBC Group, one of the world’s largest banking and financial services organisations. HSBC Group serve more than 40 million customers worldwide through a network that covers 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. We aim to be present where the growth is, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.
HSBC Life (UK) Limited was founded in the UK in 1988 and offers insurance services to meet protection and investment management needs. Our services and solutions are available through HSBC banking channels and selected third parties, including financial advisers and aggregators. For more information on HSBC Life (UK) Limited range of services go to https://www.life.hsbc.co.uk/ and for more information on HSBC please go to https://www.hsbc.com
About HSBC Life
HSBC Life is the insurance business of the HSBC Group. We manufacture life and health insurance products in Hong Kong, mainland China, Singapore, India*, France, UK, Malta, Mexico, and Argentina. HSBC Life offers a range of insurance products to meet the protection, education, retirement, wealth growth and legacy planning needs of our customers. Our services and products are available through HSBC banking channels, selected third parties, including financial advisers and aggregators. *Through our joint venture, Canara HSBC OBC Life Insurance.
About HSBC Holdings plc HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of $3,021bn at 30 September 2023, HSBC is one of the world’s largest banking and financial services organisations.