A protection tool called Cover Me Now has launched which streamlines the process of comparing and purchasing protection products.
The service works by asking applicants 14 yes or no medical questions. If they answer ‘no’ to all of them they will be given a guaranteed term assurance quote rather than having to go through insurance providers’ underwriting processes.
The service has been developed by Synaptic Software and launched by The Right Mortgage and Protection Network and insurer Covéa Life.
Adam Byford, managing director at Synaptic Software, said: “Cover Me Now forges a new route for the sale of life insurance.
“The industry was desperate for a breakthrough from the old and failing ways of selling protection, and this is exactly what the new service delivers.
“Developed with providers, reinsurers and distributors, Cover Me Now creates a hassle-free customer experience and removes the obstacles in the old process.”
More features will be added to the tool in the coming months, as intermediaries will be able to get a quote for critical illness and joint life policies.
The service has been introduced to adviser members of The Right Mortgage and Protection Network at a series of roadshows
Martin Wilson, chief executive of The Right Mortgage & Protection Network, said: “Cover Me Now is a fantastic system that we are delighted to be able to offer exclusively to our members.
“It gives them an extremely valuable tool, enabling them to get their clients covered quickly and easily, and fits well within the mortgage market.”
Ben Mercer, head of relationship management at Covéa Life, said: “Our new partnership with Synaptic Software and The Right Mortgage Network cements Covéa Life’s growth in this market and allows us to bring a unique approach to both the product and the distribution chain.
“Our primary purpose is to try and address the significant protection gap that exists for people in the UK and we are confident this offering – with its fast and straightforward process – will help achieve this.”