Cavendish Online launches intermediary white label service which will include the new UnderwriteMe quote and buy system
05 April 2016
Leading online discount life insurance and protection broker Cavendish Online has launched a white label service aimed at providing intermediaries such as mortgage brokers, IFAs and other financial businesses with a straightforward life insurance and protection solution for execution only and advised business. The service is designed to generate additional income to intermediaries’ core business with very little effort required for set-up or ongoing running of the service. In addition, partner businesses do not need to be FCA registered as firms can be registered as a Cavendish Online Introducer Appointed Representative (IAR).
The new service provides partner intermediaries with a fully branded customer journey enabling clients to complete a full quote and buy process culminating with the customer being presented with a comparison of premiums from a panel of leading life insurance and protection providers. The customer can compare Life Insurance online with Critical Illness and Income Protection products available via the advised service. Firms can choose to take the execution only online service on its own or offer the advised service as well.
Companies currently using Cavendish Online’s white label solution for execution only and advised sales include Proactive Medical and Life and Money Shop Direct. The Julian Harris network and Molyneux Associates with their direct ‘Cover My Family’ proposition’ are currently using the online execution only service. There are several other introducers and networks currently in development.
Customers with pre-existing medical conditions, such as a heart condition or diabetes, will soon benefit from the new UnderwriteMe system which enables customers to answer some additional medical questions and receive a fully underwritten, guaranteed quote. The system is due to be launched by Cavendish Online around the end of April.
In addition, customers benefit from independent insurer ratings provided by Fairer Finance giving customers the information they need to be able to make an informed choice.
What a Cavendish Online white label service will look like (download attachment).
Should the customer not complete the online purchase of a policy they will receive an email confirming the results of their comparison plus a further follow up email. If the customer does not respond, firms can elect for Cavendish Online’s adviser team to call the customer to try to generate the sale.
Cavendish Online remains fully responsible for all regulatory processes and compliance and once a purchase has been started, takes care of administration and set up of policies including dealing with the customer, GPs and insurers.
The partner business has their own real-time MI dashboard which they can access 24/7 to see information such as visitor and quote numbers, average premiums and conversions. Once a policy is in force, Cavendish Online collects the commission from the insurer and pays the partner company their share. Cavendish Online is responsible for any claw back.
Ian Williams, Managing Director of Cavendish Online, commented:
“Our new white label service gives a variety of intermediaries the opportunity to add another income stream to their business with very little effort or specialist knowledge required. We have spent the last fifteen years developing and refining our execution only service and we are one of the leading online providers of life and protection products in the UK with the highest persistency rates in the country, market leading conversion rates and very high customer retention. The addition of the new UnderwriteMe service will further benefit customers with pre-existing medical conditions for whom finding the best value life and protection cover has previously been something of a lottery.
“We believe there are thousands of mortgage brokers and other advisers out there with customers who need life insurance and protection products but simply don’t have the time, the skills or the administrative support available to turn those opportunities into additional income. As such they are potentially letting thousands of pounds a year in extra income walk away, often to competitors and frequently to see their customers pay more for their cover than they would do if the broker introduced them to their own white label service.
“With Cavendish Online providing the technology, the insurer relationship, the back-office support and taking on the regulatory burden, intermediaries now have a very simple and profitable route to providing a better experience for their customers whilst generating significant extra income.”
Peter Lurie is the Founder and Managing Director of Proactive Medical and Life, one of the leading consultancy firms in the protection sector. They were one of the first companies to sign up to Cavendish Online’s white label service.
Peter Lurie commented:
“At Proactive we have expanded to cover all types of insurance for both personal and business customers. We began talking to Cavendish Online in 2015 in order to explore an opportunity for both non advised and advised sales for Protection. Due to the time involved in writing protection business I immediately saw the benefit to my company and my team in adopting the service Cavendish Online provide. We are now able to offer those customers who prefer a non-advised click & buy solution for protection and simple and straightforward journey. The site also gives me google analytics and a range of useful MI detailing visits to the site and how they found Proactive Life and Medical in the first place. The MI also displays which is the most affordable product provider and where each one ranks compared to their peers. In the future the site will also offer my clients the benefit of the new UnderwriteMe service allowing customers to engage directly with the product providers and receive guaranteed prices, even if they have pre-existing medical conditions. The solution gives me technology that will develop further over time.
“By offering both advised and non-advised solutions to my clients it has given my team more time to develop other areas of our business such as commercial and general insurance and hence Proactive is currently on a recruitment drive for additional advisers. Cavendish Online, who are advising on behalf of Proactive, have increased my income stream in addition to my existing business strategy and I would have no hesitation in recommending any intermediary, financial institution, mortgage broker or network to explore the solution with Lisa Aggett, my BDM at Cavendish Online.”
To contact Lisa Agett please call her on 07479 880004
