ProtectionDec 12 2018

Gamechangers of the protection industry

  • Describe the impact some gamechangers have had on the protection industry
  • Understand the potential effect of future gamechangers
  • List the way forward for the protection industry
  • Describe the impact some gamechangers have had on the protection industry
  • Understand the potential effect of future gamechangers
  • List the way forward for the protection industry
pfs-logo
cisi-logo
CPD
Approx.30min
pfs-logo
cisi-logo
CPD
Approx.30min
twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
pfs-logo
cisi-logo
CPD
Approx.30min
Gamechangers of the protection industry

"These evolved into what we now know as The Exchange and without this the protection industry as we currently know it would not exist.”

The best adviser-focused tech features around today 

Building Solutions 

SolutionBuilder from iPipeline is a client-based research, quote and apply solution, which allows advisers to compare simple and complex protection needs, based on the client’s requirements and budget.

Sally Laker, managing director at Mortgage Intelligence is a regular user of the system and comments on the importance of menu-based protection: “Solution Builder has been a really successful addition to our network proposition, offering a simplified process especially around menu-based protection sales.

"It not only meets the needs of our members but also those of their clients.”

Paul Shearman, director at Openwork, says: “Whether an adviser is a dedicated protection specialist or combined mortgage and protection adviser, the ability to quickly and easily view multi-benefit solutions is paramount, especially when clients’ needs are complex and/or where they are time pressured.  

"It demonstrates professionalism, is tech savvy and helps advisers compete in an ever more digital world.

“SolutionBuilder provides just this capability and has been a key factor in helping Openwork to increase overall protection conversion rates and the proportion of multi-benefit sales over the last 18 months. Most importantly SolutionBuilder is helping the Network deliver the right protection solution for clients. “

UnderwriteMe

UnderwriteMe appeared in most of the responses we received about present day gamechangers.

Launched in 2015, it offers a platform that links to various insurers’ underwriting engines, enabling immediate underwriting. It allows advisers to assess likely terms without the need to phone insurers and or go through multiple applications.

Tom Conner, director at Drewberry, says that it is a gamechanger from an efficiency perspective: “Now most providers are on UnderwriteMe, it has reinvented the way advisers conduct research.”

Mr Lakey agrees, but also points out that some insurers are still absent. “UnderwriteMe has yet to reach its full potential but once it has all of the insurers on board it will prove of immense value to advisers that struggle with the myriad underwriting views of insurers.”

Phil Jeynes, head of sales and marketing at UnderwriteMe, says that in the early 2000s people were asking for insurers to operate from a standard set of underwriting questions “to avoid duplication and customer apathy.

“Back then it couldn’t be done for technical reasons, as well as insurers refusing to cooperate. We’ve solved that problem and now have a platform that represents the majority of insurers.”

CIExpert

PAGE 3 OF 6