Jason talks to James Tait, CEO of Underwrite Me. It is a platform that allows insurance advisors to quote and handle the entire application that underwriting cycle through one unified platform and does so in 11 countries around the world. James explains how the platform allows each insurer to configure their rules and consistently with their philosophy without asking different questions or without having to agree to exactly the same philosophy.
Episode Highlights
- 06.02: At Underwrite Me, someone puts their details in the portal and says these are their general health concerns. First the underwriting of their health condition as an individual happens and then the persona gets recommendations on pricing on insurance companies.
- 07.51: As per James it was a painful process over the years to convince everybody to come on board. It wasn't easy by any stretch of the imagination, but the fundamental for them was that they were trying to improve the market.
- 08.58: James explains how they partnered with a couple of very large financial advice firms, and distributors in the UK that provided some of the attractive business volumes.
- 10.01: As per James there is a lot that they provide to the insurers even outside the marketplace that they are providing to do that.
- 14.50: James explains how the flexibility within the platform made it much easier to get everybody to agree on a common approach.
- 19.14: James shares how they are focused on three regions at the moment, UK and Ireland, Asia Pacific and North America.
- 25.01: Every industry at the moment, whether it's personalized medicine or personalized advertising, personalization is definitely the future of life insurance, says James.
- 26.10: One change that James would like to make in the industry is ease of access to electronic health data.
3 Key Points
- Jason and James talk about the early days of Underwrite Me, and how James convinced or how he got the insurance companies even come to the table on this?
- James explains how they are trying to improve both sales and customer experience.
- James shares his journey and how 22% of the financially advised UK life insurance is written through the Underwrite Me platform.
Tweetable Quotes
- "By launching Underwrite Me, we were putting something in place that I think everybody would agree would make financial advisors' lives much, much easier and in a market, that's probably struggled to grow over the years." - James
- "Imagine if you had an extra month to make revenue with no additional investment like that is just profound in terms of size." - Jason
- "Underwriting is a field that is changing really rapidly at the moment and it's really interesting the differences around the world in the focus of that development. So, a big topic at the moment is how we incorporate predictive models, artificial intelligence, machine learning within the underwriting process." - James
Resources Mentioned
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