Insurance broker Reassured has launched a digital platform enabling customers to directly purchase life insurance online, with critical illness products planned to follow.
Reassured is primarily a non-advised broker and six insurers are backing the venture by making their products available on it: Legal & General, Aviva, LV=, Zurich, AIG Life and Vitality Life.
The platform offers the ability for consumers to buy cover immediately based on a single underwriting question set, and is customisable for use by partner firms on a white label basis.
It also gives the option to either buy online or speak to a Reassured agent to assist with the purchase, with agents able to pick up an application at the point the customer left it.
The firm claimed the platform had a quicker customer journey from initial quote to full cover, with 23 clicks separating the customer from a fully underwritten comparison, as opposed to upwards of 60 clicks elsewhere.
The firm added the platform was also scalable with the addition of further insurers and other forms of protection in the offing, including critical illness cover.
The system, which was built in collaboration with technology firm The IDOL, will be led by Reassured head of product Simon Towndrow, who joined from Klarna in February.
Phil Jeynes, director of corporate strategy at Reassured, (pictured) said: “Rather than entrench ourselves in a ‘one size fits all’ position based on our historic ways of working, we’re proud to be expanding our proposition in order to offer even greater choice and coverage for customers seeking protection.
“To launch a brand new, genuinely ‘buy now’ digital platform with the immediate backing of the majority of the UK’s largest insurers is yet another milestone in the ongoing development of our business.
“Crucially, we have not built our digital platform in isolation from our telephony proposition, meaning customers can seamlessly transition from on to offline should they need support, with none of the frustrations often associated with switching channels.”
Reassured launched an advised offering Reassured Advice last year.