Insurer LV= has confirmed it is to join the UnderwriteMe comparison service.
UnderwriteMe is a UK-based protection technology business, which enables intermediaries to obtain Underwritten "buy now" or estimated prices and benefits using one application process.
UnderwriteMe said the comparison service pilot starts next month with 4 fully integrated insurers and a select number of protection distributors, and will be on general release to directly authorised intermediaries later this year.
The UK’s largest protection advisers, LifeSearch, have committed to being the first advice firm to embed UnderwriteMe.
Speaking to Life Insurance International for the March 2015 issue of the publication, Phil Jeynes, head of sales and marketing at UnderwriteMe, explained that the provider’s business model will involve charging insurers on a per application basis, while intermediaries would not be charged to use the service.
He added: "By 2016, we expect to have 7-10 insurers plugged into the system and it working. And that’s when it is set to become the game-changer everyone expects it to be."