October 24, 2023
Disclosures: Protection Platform accessibility, buy now prices, availability of cover
Blog by Steve Baldry, Director, Underwriting, UnderwriteMe
Offering customers accessibility, and a choice of products is crucial in the protection buying process. It empowers customers with a range of preferences, and affordability, improves customer satisfaction and encourages loyalty and trust. Choice also promotes healthy competition among insurers, driving innovation, product, and price improvements.
Choice and accessibility mean that customers can find the best fit for their circumstances, leading to a more fulfilling experience.
When looking to purchase cover, it is crucial to have that choice, especially when our customers make more complex disclosures. And, knowing you can confidently disclose a variety of conditions and receive multiple, fully underwritten, buy-now prices from a range of leading insurers is something UnderwriteMe’s Protection Platform offers.
We looked at acceptance rates on the Protection Platform for the most commonly disclosed medical conditions and found choice is one of the big benefits of using our system.
In our study, we found that up to 1 in 10 of all customers will make a disclosure of either Asthma or High blood pressure, and more than 80% of these customers will receive a fully underwritten policy that they can buy now from a wide range of insurers. And, even when we study medical disclosures that might be considered complex, we still have excellent acceptance rates.
Let’s look at Diabetes
Including the number of undiagnosed, it is estimated that there are about 4 million people over the age of 16 in the UK living with Diabetes. That’s nearly 9% of the entire adult population. These numbers are stark and highlight more importantly than ever the need to ensure customers have access to Life Cover. On the Protection Platform, at least six insurers provide immediate cover for nearly half of all disclosures of diabetes, with one insurer offering immediate cover for more than 2/3rds of customers.
Kathryn Knowles, Protection Adviser at Cura commented:
“The ability for advisers to quickly compare the underwriting outcomes for people with high BMIs, high blood pressure and cholesterol, diabetes and more, is an asset to advisers. Advisers can get answers from multiple insurers in one place, helping to free up their time and resources to support more clients.”
Approximately 1 in 4 people in the UK will experience a Mental Health problem each year, and with more than 15% of customers disclosing it in our application journey, it’s the most disclosed medical issue on the Protection Platform. For about 85% of all customers who make a disclosure of a Mental Health issue, a wide range of insurers on the Protection Platform will offer immediate cover. This means that preference, choice, and accessibility is a reality for the majority of our applicants.
At UnderwriteMe, our underwriters continue to draw insights from this data in order to better understand consumer behaviour. And, by combining that data, their experience, and the use of simple, clear and concise language, we connect much better to our customers.
We want you to continue to help more people get access to coverage. Visit our website to learn more about how we are improving the customer journey with our insurers using our underwriting technology www.underwriteme.co.uk.