Martin-Redman Partners writes:
For a long time now, customers and underwriters have been at least one stage removed with an active intermediary class matching clients to contracts, aggregating premiums, remitting profits and collecting claims.
Over time this relationship has become inefficient, with underwriters becoming removed from the needs of clients. The general feeling is that there needs to be a new ‘normal’, with the bulk of insurance business handled as mechanically as possible and any risks out of the ordinary given the specialist treatment they require.
For motor insurance and other general business this has seen the rise of the direct insurer, but we, as Martin-Redman Partners, have been active in assisting other innovators in a new market such as Bought by Many and IFapps.
Bought by Many is a ‘social’ insurance business, helping to identify groups of people to buy insurance tailored to the specific needs of their interest groups, this may be Labrador as opposed to general Pet insurance, holiday insurance for diabetics, gadget policies, or young driver’s insurance. The work they have done in breaking the traditional model has helped underwriters realise that general cover plans may no longer be suitable for the diverse needs of modern society. Their website is at www.boughtbymany.com
More recently, Ifapps, a specialist IT company and Holloway Friendly, a long-established protection provider, have joined forces to provide a simple, easily distributed, single condition critical illness plan that can be paid monthly either by an employer as part of a wider employment benefit scheme or paid directly by the individual.
Conventional critical illness covers many potential illnesses; it therefore becomes complex to quote and apply for, so creating a product covering a single illness creates a significant change to the norm; a shorter application, immediate underwriting and instant cover.
Breast cancer was chosen as the first product and this resulted in the creation of an iPad/iPhone/Android based app with only two main underwriting questions.
For an individual, download the free app, state your age, whether you already have a diagnosis for breast cancer, whether your close female relatives already have breast cancer and the level of cover you require. The app then provides an immediate quote, with full supporting documents and information on your device and payments can be set up. Documents can also be emailed elsewhere and there is no obligation to buy.
The app is currently available for iPhone/iPad at the Apple App Store, https://itunes.apple.com/gb/app/my-breast-cancer-support/id953047713?mt=8 and available for Android from the Google Play site, https://play.google.com/store/apps/details?id=com.hut8media.ifapps.assure.BreastCancerCover.
This is intended to be the first of a family of protection insurance apps, with an income protection app currently in development.
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If you would like to know more about how we can help you plan and realise your financial goals then contact us at info@martin-redmanpartners.co.uk or call us on 01223 792 196.
The information contained is for guidance only and does not constitute financial advice. It is based on our understanding of UK legislation, whether proposed or in force, and market practice at the time of writing. Levels, bases and reliefs from taxation may be subject to change. Accordingly no responsibility can be assumed by Martin-Redman Partners its officers or employees, for any loss in connection with the content hereof and any such action or inaction.
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