The technology will enable intermediaries to activate the Cignpost life policy on the platform in just a few minutes, according to Paul Foody, chief operating officer of Cignpost.
The first instant life product to be made available via Anorak, Cignpost Life can be purchased online by answering five medical history questions, enabling policy activation in five minutes.
The Cignpost Life proposition encompasses term life and optional critical illness cover, and the products are available on both the Anorak direct-to-consumer and intermediary platforms.
Mr Foody said: "We are proud that our Cignpost Life product is the first instant life product to be distributed via the Anorak platform.
"Our life proposition has been built around simplicity and speed, with the ability to purchase cover online by answering just five medical history questions, something that we believe is extremely important in the ‘on-demand’ culture that we live.”
He added: “Technology has fuelled a shift in purchasing behaviour and consumer needs are changing. We believe that the Anorak platform and our Cignpost Life product are examples of protection solutions which are relevant for the needs of today.”
The Anorak platform delivers regulated protection advice and product recommendations that are ranked by suitability and based on the consumer’s financial needs and personal circumstances.
David Vanek, co-founder and chief executive of Anorak, said: “Anorak aims to give everyone easy access to protection advice and cover. The new generation of consumers want to feel in control and are comfortable buying life insurance online, provided they receive adequate guidance to properly understand their needs.
"Equipped with this information, consumers expect to be able to activate cover instantly online. This is exactly what Cignpost Life offers: easy-to-buy cover, available immediately, with no compromise on quality.”
In July, Albany Park, protection and mortgage specialists, joined forces with Anorak Technologies. The partnership works to enhance Anorak’s online journey, with Albany Park providing fulfilment services and offline advice in more complex cases that cannot be completed online.
What do you think of technological advances in the protection sphere? Do we need more such developments or is there something else that will help advisers sell insurance policies more effectively to clients? Let us know by emailing us on email@example.com