IRESS has launched an adviser-accessible 'buy-now' term assurance option is now available through its quote and apply sourcing engine, The Exchange, which avoids a fully underwritten process.
The Cignpost Life product, which is displayed alongside other quotes to show its competitiveness and provides advisers and clients with price certainty at the point of sale, is envisioned as a quick, simple and affordable protection solution.
The technology functions by building in qualifying criteria agreed between IRESS and the product provider in order to skip straight to the point of purchase.
"Protection advisers have been crying out for a digital solution to streamline the existing process and get clients appropriate life cover quickly, at an affordable cost," said IRESS general executive manager Dave Miller.
"What we've built here delivers absolute price certainty at quote stage, greater customer choice, simplicity, flexibility and efficiency."
Paul Foody from Inchora Group, which created Cignpost Life in partnership with iptiQ, said the digital protection insurer aims "to address the protection gap that exists in the hope market".
"Our advanced technology offers the ability to understand if customers are eligible in as little as six underwriting questions," he said. "Applications can be completed in as little as four minutes providing a quick and simple option in a world that has traditionally been more complex. We're delighted to be the first to market, through IRESS technology, with this long-desired protection product."
Terms and conditions
Advisers who would like to access the ‘buy-now' term assurance product via The Exchange are being asked to initially contact Cignpost Life to establish terms and conditions ahead of IRESS switching on the capability.
The fintech firm also hinted that it is in ‘advanced discussions' with other term assurance providers and intermediary organisations.
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