The service which uses full underwriting to allow intermediaries and customers to compare insurer’s protection products and prices in real time, will be rolled out to further distributors in the autumn.
Martin Werth, CEO of UnderwriteMe, said he was confident that the technology provider would have a whole of market product within 12 to 18 months.
“Existing technology is unsustainable, we cannot deliver on protection potential hanging on to existing legacy systems and processes,” he said.
LV joined the comparison service in June and other insurers already on board include Royal London and Partnership.
Tom Baigrie, CEO of LifeSearch, criticised the historic process of quoting protection prices, branding it a ‘profit destroying mess’.
“It has been a long-standing source of frustration for all parties involved that you simply cannot get a fairly-priced, underwritten quote, there and then. You have to gather up all medical evidence as part of a probably false quoting process.
“The present system is nothing less than a distributor and insurer profit destroying mess,” he added.
“Contrast that with a system that offers underwriting in real time, the ability to focus on a single disclosure or to underwrite in full and see what effect that has on pricing, to click and buy, rather than duplicate effort, all while comparing within the UnderwriteMe space, seeing several insurer approaches at the same time.”
