Protection  

Cavendish has it covered

Cavendish has it covered

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 claimed 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 operate as a Cavendish Online introducer appointed representative, the company said.

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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.

Cavendish Online, which announced in January it was launching the first direct-to-consumer site powered by UnderwriteMe, is set to roll out the site 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.”

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

Proactive’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.”

Adviser view

Paul Holiday, financial adviser at East Anglia-based GreenSky Wealth, said: “There is a protection gap and anything anyone can do to make the process easier and streamlined would be really good.

“Sometimes life cover can be a laborious process. If there are issues, you have to get a GP report, revised terms, etc. It can be a drawn-out process. A lot of advisers don’t really bother to do it anymore. It’s not really profitable so can this execution-only service is also beneficial as an information-sharing exercise.

“Execution-only is fine but general guidance on how much life cover you should have would help as otherwise there is the danger of being under-insured.”