Ex-Moneysupermarket duo launch protection intermediary
Formed by Louise Cuming and Stuart Glendinning, The Life Dept will offer quick online comparison quotes combining life assurance, critical illness and income protection.
The website will feature a “quote slider” comparison tool and will allow consumers to test different combinations of products and levels of cover to see how their quotes alter in real time.
The tool was built by insurance software specialists Total Systems.
The site will also feature online content to engage consumers including a “Live Longer” section with the latest research in medical developments.
Louise Cuming, managing director of The Life Dept, said: “It struck us that no one has ever managed to produce a tool which allows people to quote for a bundle of products so we decided to build it ourselves.
“We are offering consumers the fastest quote and the biggest cashback for life insurance, critical illness and income protection in the UK. We see The Life Dept as more than just selling insurance though, it’s about helping people live longer too.
“Our new site is unique and there is a wealth of information on life, health and living well. We want to build ongoing relationships with consumers, not just when they need to buy insurance.
“The three product providers have been picked to give a wide range of products and value for money. We’ve deliberately kept it to a select group in order to build strong, long-term relationships with these providers for the benefit of the customer.”
Kevin Carr, chief executive of Protection Review, said: “There are three key points here. First this is an advised proposition. Usually when a new protection intermediary sets up, it’s non-advised however with The Life Dept, they’ll have a team of advisers at their desks guiding people through and from what I know good advisers.
“Secondly while its not fully independent, they have three good providers with strong offerings.
“Finally there’s the simplicity. We’ve seen this type of slider tool in car insurance but we haven’t seen it in protection before. It’s very good and allows a clearer view for the consumers.
“They’re certainly welcome in the protection industry.”