February 15, 2020
UnderwriteMe’s Protection Platform experiences record month for January
UnderwriteMe’s Protection Platform, a unique technology solution that provides a comparison of underwritten terms and benefits for intermediaries, saw record volumes in January 2020. Using a single application process, the platform delivered underwriting decisions to over 90,000 lives, with 60 percent of these receiving “buy now” terms from three or more insurers. This surge in activity secured 23,000 protection sales, which was a record month for the platform and a 27 percent increase when compared to the same month in 2019.
Intermediaries are increasingly recognising the significant time and cost savings, as well as the superior customer experience. Throughout 2019, UnderwriteMe grew the number of intermediary firms using the platform by 70 percent while the share of business from these intermediaries who were new to UnderwriteMe in 2019 accounted for 1-in-4 sales in January 2020.
One broker which recently adopted the platform is Vita, who commented:
“Moving part of our business to the Protection Platform has been great for our advisers. The system allows us to use one question set to then see fully underwritten premiums for multiple insurers. We can apply directly from the system with no re-keying which is especially valuable when creating a protection portfolio for clients across different insurers. It’s helping our advisers be more efficient; saving time that can be reinvested into writing additional business.”
“2019 was a great year for the Protection Platform and we’re delighted 2020 has been off to such a fast start,” said UnderwriteMe Sales Director Phil Nash. “We are on-boarding more intermediaries and seeing their volumes with us ramp up. We’re delighted with the user feedback and we believe this demonstrates the platform is supporting advisers to help drive better customer protection conversations and outcomes.”
James Tait, the new CEO at UnderwriteMe added:
“It’s an exciting time to be joining UnderwriteMe and I am looking forward to leading the team and the business through its next phase of growth and building on the strong foundation already in place.”