A new, direct-to-customer digital protection solution has been launched by Capita Life & Pensions.
Capita has collaborated with best-of-breed SaaS software solutions company Keylane and reinsurance expert Gen Re to create a solution which delivers an end-to-end online process and allows for rapid market entry at a low cost.
The straightforward and effortless sliding price scale allows customers to instantly see the different costs of the various levels of cover available, based on their budget and lifestyle needs.
Capita’s platform combines simple term assurance and income protection with an expert underwriting system. Customers can choose to have either term or income protection insurance, or both, all in one policy.
The solution incorporates the very latest underwriting technology to help insurers manage risk.
Key benefits from the new solution include:
- Low-risk, low-cost entry and quick product launch;
- A complete turnkey solution: Capita is able to deliver a full-range of IT and administration services that cover the end-to-end customer journey including underwriting and claims;
- Multi-channel: Supporting mobile and web formats that can also easily be adapted to support aggregator portals and intermediary distribution.
Peter Temple, Regional head of life & health business in the UK, Ireland and South Africa at Gen Re, said: "Digitalisation and new technology represent a massive opportunity for the insurance sector. As a reinsurer, one of our goals is to support our clients in finding interesting partners and smart solutions in the fast evolving InsurTech space. We believe that the use of this turnkey digital platform will enable the protection market to grow by targeting new consumer segments, who might not previously have engaged with our industry."
