InsurTech is playing an important role in new initiatives, new systems and advice tools that have been launched this year. Here are some of the most notable initiatives in Q2 for anyone advising clients on protection.
LV has launched an online pre-underwriting tool, in partnership with UnderwriteMe, to improve the underwriting process for advisers. It is available through LV’s Fastway quote and apply system and will enable advisers to check instantly whether a specific illness or condition will result in standard rates, increase premiums, or lead to an exclusion being added to the policy. Interestingly, it is available 24/7, which means advisers can submit business outside of regular working hours and receive instant decisions without having to call an underwriter.
Meanwhile, working in tandem with Square Health, income protection provider British Friendly has launched a consumer app for the second opinion and health services it is offering as part of its mutual benefits services. Through the app, users can book appointments 24/7, keep track of their health support points, access additional services and better monitor their health.
AIG Life has begun issuing all customers who buy AIG protection policies with an annual insurance statement. Customers will receive an email each year on the date their insurance was taken out containing a PDF summary of all protection insurance so clients and their financial advisers can check they have the right amount of cover in place.
Gryphon Group Holdings
Gryphon Group Holdings Limited is building an insurance challenger that seeks to protect more families in the UK. Initially focusing on protection, the infrastructure will be based on digital and cloud based technologies, built with the support of several leading partners including Liss Systems, the core platform technology partner.
iPipeline’s SolutionBuilder, their protection research, quote and apply solution, has been adopted by Mortgage Force, which has over 75 professionally qualified advisers nationwide. A good system, especially for advisers whose first line of business is not protection, is essential and Mortgage Force’s investment in protection in this way is commendable. A greater focus on protection across the adviser industry can only be a good thing.