Certua Life has entered the UK individual life insurance market with a group offering expected to follow.
The company told Health & Protection that it will operate on a non-advised basis and is aiming at the large proportion of UK adults who have never engaged with the protection market.
It therefore said this was “complementary to the advised market”.
It added that at launch, cover offered will include life and terminal illness on an individual basis, with a group offering to follow on soon.
Products sit inside the apps and platforms customers already use, from banking and savings to employee benefits and wealth management.
The insurer said cover can be applied for in minutes, renews annually, and adapts as customers’ lives change.
It revealed reinsurance is in place with global reinsurers, more details to follow in due course on this.
“For partners, a single integration bids to replace the complexity of legacy insurance, and a commercial model built on recurring revenue aims to replace the cycle of indemnified commission, clawback, and churn”, it added.
Certua Life is onboarding launch partners across fintech, employee benefits, and wealth management.
It added its focus for now is the UK, with further markets to follow in time
Tom Williams, CEO and founder of Certua Life, said: “More than half of UK adults have no financial protection for the people who depend on them.
“Not because they don’t need it, but because the system was never designed to reach them. That’s not a problem legacy insurers can solve.
“Someone managing their money on their phone should be able to protect the people who depend on it in the same moment. We built an insurer to make that possible. It’s time for something new.”