Synaptic Software is due to launch its instant quote and apply tool, Cover Me Now, at the end of March.
It asks 20 simple yes/no medical underwriting questions and, assuming a customer can answer 'no' to all of these, they can get on risk for a single life level or decreasing term assurance product within 15 minutes, with the quote returning in as little as six seconds.
Synaptic Software managing director Adam Byford said Cover Me Now would reduce the time it took for the majority of people to be covered, with 70% of users expected to receive a guaranteed premium.
The system is augmented with Synaptic Software's Webline portal so, if someone falls out of the process due to adverse medical history, they will be picked up by the indicative quotation process available.
The system is going live with insurer Covéa Life and The Right Mortgage and Protection Network as its first distribution partner. The tool is due to be introduced to adviser members of the network during a series of roadshows.
Byford said Cover Me Now was currently working with the largest protection advisers and distributors, as well as insurers, with the intention of adding them to the service this year.
While the tool is going live initially with single life level and decreasing term assurance, Byford said he intended to add critical illness cover and joint term assurance later on this year.
He added: "We have introduced a short question set with a guaranteed premium that looks to be very competitive. That's quite key - we're not penalising customers, we are pricing to make the process easier.
"We have developed the proposition with providers, reinsurers and distributors, to come up with something that works for all."
Covéa Life head of relationship management Ben Mercer 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 with individuals in the UK and we are confident this flexible offering with a fast and straightforward process, will help achieve this''
The Right Mortgage & Protection Network CEO Martin Wilson said: "Cover Me Now saves our members countless hours in admin, saves time in waiting for their clients to go through underwriting and ensures their client gets the cover they need immediately."
After 20 years in Westminster
Retired in 2014
Dividend tax hike also stayed
Advisers lacking knowledge
Five short video interviews with RLAM’s head of multi-asset