FR: UnderwriteMe’s comparison service has just launched - how do you hope to improve the existing quote and apply process in protection?
When I started out in the industry, nearly 20 years ago, those selling protection used paper application forms; each insurer’s subtly different despite a large percentage of the information needed being the same or similar. When visiting a client, advisers from my firm used to take a stack of application forms with them so that whatever they ended up recommending, they could get the process underway.
Things have moved on massively since then but we’ve never overcome that simple problem of having to deal with each insurer one by one, in isolation, with loads of duplication. It’s one of the fundamental problems stopping our industry growing.
Having a system wherein an adviser can get quotes, underwrite clients in real time and ultimately apply for cover all in the same place is a game changer.
FR: London & Country has adopted UnderwriteMe - is this a sign that the industry is becoming more receptive to technology?
I think the industry has always been accepting of technology. What L&C and before them LifeSearch and Cavendish Online have seen is how UnderwriteMe can help them deliver a better service to their clients, through a smarter process.
What these firms have in common is a deep understanding of the industry. Their endorsement of UnderwriteMe serves to demonstrate that our solution is right for protection.
FR: How can digital platforms such as UnderwriteMe transform the protection market?
Quite simply: we can grow it. Too many companies, which could and should offer protection to their clients, choose not to or to focus on other lines, because of the complexities of dealing with our quote and apply process. We’re not just talking about IFAs; it’s banks, aggregator sites and third parties, too.
In solving this problem we can make protection a more appealing and a more viable product for lots of new and existing companies.
FR: What more can be done to tackle underinsurance from both a consumer and an intermediary aspect?
I don’t think there’s a silver bullet. It needs a concerted effort from intermediaries, insurers and service providers, working together to make sure talking about protection is the norm and that getting cover in place is as straight forward as possible.
That means the right product, well marketed and without restrictions on how and when applications can be made. There are loads of examples of this collaboration starting to happen already, of which UnderwriteMe is just one. The 7 Families campaign is gathering momentum and should be expanded upon and more than one insurer is starting to put serious weight behind advertising the need for cover.
FR: What other changes do you hope to see within the industry?
I’d love some of the “passion” we hear about at conferences and forums to turn into proactivity back at the coal-face. So many good ideas get blocked because of a conservative attitude, which pervades our industry. We shouldn’t be satisfied with maintaining a status quo which, demonstrably, isn’t serving a large enough section of our customer base. It’s time for some brave decisions if we’re to avoid a perpetual sense of de-ja-vu at our annual gatherings. Less talk, more action.
FR: If you weren’t in financial services, what would you be doing?
My careers adviser suggested teaching which, as a teenager, I couldn’t stand the thought of – a whole classroom full of annoying kids like me answering you back, no thanks. Since I’ve got involved with football coaching though, thanks to having two kids playing the game, I have realised the enjoyment which can be had through helping youngsters learn and have fun along the way. Not all of them are as irritating as I was back then.
Having said that, it’s also made me realise I’m a tactical genius, so England Manager I suppose.
