IRESS launches ‘buy now’ term assurance without lengthy underwriting process
26 February 2019
IRESS has launched a new adviser-accessible ‘buy-now’ term assurance option through its quote and apply sourcing engine, The Exchange, in a bid to reduce the existing protection gap.
The financial technology business said the new option provides advisers and their clients with absolute price certainty at the point of sale and enables advisers to easily compare an immediate ‘buy now’ option with alternative term assurance application processes.
The group said many advised clients “simply want to buy a term assurance product quickly at an affordable price” without having to go through a lengthy application process that may require full underwriting. The functionality is driven by technology that builds in qualifying criteria agreed between IRESS and the product provider to skip the application underwriting process and go straight to purchase.
David Miller, general executive manager, commercial at IRESS, said: “Protection advisers have been crying out for a digital solution to streamline the existing process and get clients appropriate life cover quickly, at an affordable cost. What we’ve built here delivers absolute price certainty at quote stage, greater customer choice, simplicity, flexibility and efficiency.”
The first ‘buy now’ term assurance product to be made available through The Exchange is provided by digital protection specialist Cignpost Life.
Paul Foody, Inchora Group, commented: “We created Cignpost Life in partnership with iptiQ to address the protection gap that exists within the home market. Our advanced technology offers the ability to understand if customers are eligible in as little as six underwriting questions. Applications can be completed in as little as four minutes providing a quick and simple option in a world that has traditionally been more complex.”
IRESS is also in advanced discussions with other term assurance providers and intermediary firms as it looks to add more choice to its offering.
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