I came across a great blog post the other day on Money Marketing by Tessa Norman thanks for @Roger_Edwards who is definitely worth following on Twitter.
In the post Tessa gets to grips with why on earth more insurance companies have not embraced a fantastic new underwriting engine created by the guys at underwriteme.
If you visit the underwriteme site you will see that they aim to simplify the sales process for life insurance by providing fully underwritten prices at the point of sale. That’s right – fully underwritten!
Big UK hitters such as Tom Baigie’s LifeSEARCH has gone live with underwriteme and have nothing but good things to say about it. Tom feels strongly that it will drive efficiency not only for the broker but also the end user (which has got to be a good thing).
So far there are a few insurance companies that have adopted the technology, however the big boys Legal & General as well as Aviva who make up more than 50% of the protection market in the UK are staying away. Tessa’s article addresses better than I could so please have read as it is very interesting.
For me underwriteme is very interesting indeed as this has not been tackled in Australia. We still have an industry whereby life insurance is lagging behind the integration of say the mortgage industry. Some of the protests I have heard are that we are too regulated. For me it seems that we are scared. We are scared of what the Financial Adviser networks will say, the networks that have grown the industry to what it is today.
underwriteme is very interesting indeed
In my role I come across some really great Financial Adviser practices that have some truly well thought out business plans to grow into the online space. They want to get access to tools that allow the consumer to interact digitally and then either convert online or call to be sold to over the phone or face to face. However there is a lack of technology in Australia that just does not allow the advisers to engage.
The closest thing that I have seen in Australia in terms of building an effective system in Australia was in my time at Lifebroker where I worked very closely with Stig Manning who created the API for the relationship between them and CompareTheMarket. This is still working very well however now is the time to push on and evolve to drive efficiency and innovation.