If a life insurance proposition was new to the market and decided to post a personal dating ad to attract customers, what would it say?
I think it would look a little like this:
"The industry was desperate for a breakthrough from the old and failing ways of selling protection. Now you can harness the power of Synaptic Webline and remove the obstacles in the sales process."
Once you've got to grips with the obligatory abbreviations, and if you are actually in the market for some life cover, this advert should be of some interest. Buying life cover should be easy and looking at the ad it seems quite straightforward and honest in what it is prepared to offer you. It doesn't need to know too much about you and importantly this life cover is prepared to stay with you for the long-term and not change its ways. Quite a commitment but only as long as you put a little something back in as well no doubt. I think it sounds like a good start to any long-term relationship.
Back in the real world now, and to put context around the advert, this is describing exactly what Synaptic Software's new Protection portal will deliver.
Cover Me Now is a brand new protection on-boarding system, powered by familiar Webline technology. It offers advisers, brokers and web-based firms a platform to completely transform the client buying experience and has been designed with the customer firmly in mind. By combining Synaptic Software's digital know how with a guaranteed premium life insurance product, this new portal delivers a step-change in adviser efficiency and creates a hassle-free and transparent customer experience.
Using collaboration from across the financial services industry, Cover Me Now also benefits from a reduced medical question set, allowing the underwriting journey to become intrinsic to offering clients an immediate start for their life cover. This means the traditional delays that are so often cited as the reason for customers not purchasing cover have been removed, leaving them missing out on valuable protection and becoming vulnerable to a lack of financial security should the worst happen.
Such ground-breaking software deserves success and an early adopter of Cover Me Now is one of the UK's leading mortgage distributors, The Right Mortgage Network (TRMN). Key to Cover Me Now's innovation is linking it to an established and effective sales process. To achieve better customer outcomes, TRMN will assist customers in an easy-to-buy and affordable life insurance product. The system has been built to dovetail seamlessly with their sales process, enabling customers to avoid complexity and delays and removing much of the administrational activity customers and advisers alike go through to put protection in place.
"We are absolutely delighted to be able to offer Cover Me Now exclusively to our advisers. It gives them another valuable tool, enabling them to get their clients covered quickly and easily and fits well within the mortgage market"
So, how does it work? Put simply, you'll be able to obtain a level or decreasing term quotation (up to a maximum cover amount of £500,000) with an immediate start date on a guaranteed priced basis. Existing technology will also return premiums from other providers currently quoting on Webline but these applications will still need to go through providers' existing underwriting processes. Cover Me Now doesn't ask for much but it does need clients to answer 'no' to all of the medical questions presented to them on-screen to benefit from the immediate policy commencement and guaranteed fixed premium. A 'yes' to any medical question will immediately remove them from the Cover Me Now process. However, all is not lost, as premiums from existing Webline providers will be returned and you and your client can then continue along the current Webline journey.
Once the policy is live, policy documentation will be sent directly to your client by the insurance provider.
Customer interaction and feedback is pivotal in understanding their purchasing behaviour, so providing not only a simplified solution but life cover on a guaranteed issue basis, we are allowing you to reach out to all types of customer – Millennials and the more digitally-savvy Baby Boomers – who will surely appreciate the accelerated underwriting process and easy-to-understand life cover. To build upon the simplicity angle, we have also considered additional features that will aid the streamlined approach and your connection with your client, such as an integrated address look-up and bank account validation service. Most online purchases still involve an element of mailing and speaking to an insurance company operative in some way during the process, but Cover Me Now removes those aspects offering a very light touch process for the adviser and customer – quote to policy in as little as 15 minutes!
This proposition is also flexible enough for another provider or distributor to adopt and white-labelled versions of Cover Me Now will be available at launch to two other leading online brokers, extending the reach to more of the protection market.
Not a bad find as a result of a personal dating ad!
Adam Byford, Managing Director of Synaptic Software, said "The industry was desperate for a breakthrough from the old and failing ways of selling protection. Now you can harness the power of Synaptic Webline and remove the obstacles in the sales process."
Adam Stretton, Managing Director of The Right Mortgage & Protection Network said: "We are absolutely delighted to be able to offer Cover Me Now exclusively to our advisers. It gives them another valuable tool, enabling them to get their clients covered quickly and easily and fits well within the mortgage market"