The new service enables clients to complete a full quote and buy process culminating with the customer being presented with a comparison of premiums from a panel of life insurance and protection providers.
Firms can choose to take the execution only online service on its own or offer the advised service as well.
Partner businesses do not need to be FCA registered as firms can be registered as a Cavendish Online Introducer Appointed Representative.
Customers with pre-existing medical conditions can also benefit from the new UnderwriteMe system which enables customers to answer additional medical questions and receive a fully underwritten, guaranteed quote. The system is due to be launched by Cavendish Online at the end of April.
Cavendish Online remains fully responsible for all regulatory processes and compliance and once a purchase has been started, and takes care of administration and set up of policies including dealing with the customer, GPs and insurers.
The partner business has their own real-time MI dashboard which they can access 24/7 to see information such as visitor and quote numbers, average premiums and conversions. Once a policy is in force, Cavendish Online collects the commission from the insurer and pays the partner company their share. Cavendish Online is responsible for any claw back.
Ian Williams, Managing Director of Cavendish Online, commented:
“Our new white label service gives a variety of intermediaries the opportunity to add another income stream to their business with very little effort or specialist knowledge required. The addition of the new UnderwriteMe service will further benefit customers with pre-existing medical conditions for whom finding the best value life and protection cover has previously been something of a lottery.
“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 administrative 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 to see their customers pay more for their cover than they would do if the broker introduced them to their own white label service.
“With Cavendish Online providing the technology, the insurer relationship, the back-office support and taking on the regulatory burden, intermediaries now have a very simple and profitable route to providing a better experience for their customers whilst generating significant extra income.”
