Currently eight of the major providers are on the platform, with UnderwriteMe stating it has secured 15 per cent to 20 per cent of the overall UK intermediary protection market.
Phil Nash, director of sales at UnderwriteMe, says that the proposition complements the protection process during the pandemic in particular, due to the suitability of interacting with customers over the phone. “The reflexive questions on the Protection Platform can be completed online for a ‘real-time’ decision while speaking directly with the customers – putting advisers in control,” he adds.
“It’s the only platform that allows you to do all this from one application without rekeying any information, not even bank details.”
Mr Chadborn comments that between LifeQuote and UnderwriteMe, the application process can be largely taken away from insurers: “LifeQuote doesn’t have the buy now option but can fully handle the underwriting and lots of insurers are on board.
"UnderwriteMe has the buy now option but doesn’t have every provider on board. The ideal of course would be a model that offers the functionality of both but has every provider on board.”
Webline
Webline, by Synaptic Software (part of Capita plc), entered the adviser space over 20 years ago.
The portal prides itself on being easy to use and affording a whole of market quote and apply service. It offers unlimited quotes 24/7 for protection solutions with links directly to insurance companies on a single life, joint life, or on a multi-benefit basis.
Richard Tailby, head of sales at Synaptic Software, says: “Webline has recently included ASU alongside the income protection solutions and in the coming months will be adding numerous new benefits and tools for advisers.
"Synaptic’s protection products not only allow advisers to compare multiple insurers, but also multiple benefits without having to re-enter data, so advisers can quickly provide a comprehensive range of options to suit their clients”
Joined-up thinking
Of course, process streamlining should not end at the ‘buy now’ point.
Arguably, that is only the start of the customer journey. According to Eoin Lyons, chief executive of Opal Group, there is a need for a process that seamlessly links the aggregators – the likes of UnderwriteMe and Iress – to the insurer at the ‘buy now’ point, offering a fully digital branded solution over the life of the product. This is exactly what Opal has done and will be linking with iPipeline too very soon.
Opal recently worked with HSBC to design and build a branded portal that kicks in at the buy now point when a HSBC policy is selected, allowing intermediaries and their clients to manage all their policy administration from thereon in.
