Cavendish launches protection sales service

Cavendish launches protection sales service

Cavendish Online has launched a white label service aimed at providing intermediaries with a life insurance and protection solution for execution-only and advised business.

The online protection broker said the proposition was “unique” in providing UnderwriteMe technology as an execution-only, direct-to-consumer solution.

Partner businesses do not need to be registered with the Financial Conduct Authority, as firms can register as a Cavendish Online introducer appointed representative, the company said.

Article continues after advert

They will then have a fully-branded quote and buy process, ending with the customer being presented with a comparison of premiums from a panel of protection providers.

Customers can compare life insurance online, with critical illness and income protection products available via the advised service.

Firms can choose to take the execution-only service on its own, or offer the advised service as well.

The company, which announced in January it was launching the first direct to consumer site powered by UnderwriteMe, plans to do so at the end of April.

Customers with pre-existing medical conditions, such as a heart condition or diabetes, must answer additional medical questions to receive a fully-underwritten, guaranteed quote.

Ian Williams, managing director of Cavendish Online, said: “We believe there are thousands of mortgage brokers and other advisers out there with customers who need life insurance and protection products but simply don’t have the time, the skills or the administration support available to turn those opportunities into additional income.

“As such, they are potentially letting thousands of pounds a year in extra income walk away, often to competitors, and frequently see their customers pay more for cover than they would do if the broker introduced them to their own white label service.”

Cavendish remains responsible for all regulatory processes and compliance, along with the administration and set-up of policies, including dealing with the customer, GPs and insurers.

Protection consultancy Proactive Medical and Life has already signed up to the new service.

The firm’s founder Peter Lurie said his company began talking to Cavendish last year to explore both non-advised and advised protection sales.

“By offering both advised and non-advised solutions to my clients it has given my team more time to develop other areas of our business such as commercial and general insurance and hence Proactive is currently on a recruitment drive for additional advisers,” he stated.

“Cavendish Online, who are advising on behalf of Proactive, have increased my income stream in addition to my existing business strategy.”