Ex-Moneysupermarket.com chief launches protection advice firm
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Former Moneysupermarket.com managing director Stuart Glendinning has partnered with former colleague Louise Cuming to set up an online protection advice company.
The Life Department, which works with Legal & General, PruProtect and Ageas, is now live and will formally launch with its quote facility on August 15.
The website,www.thelifedept.co.uk, features a slider tool designed by insurance software firm Total Systems which allows consumers to combine the level of life, critical-illness and income protection cover they want.
Consumers get an instant quote with the lowest premium from the three providers without having to put in their details.
If they want to proceed, consumers can either phone The Life Department to speak to an authorised, telephone-based adviser or the company will phone them back to ensure their cover is suitable. The venture is privately funded by Glendinning and Cuming.
Director and former Moneysupermarket.com head of telephony sales and service Cuming says: “This introduces the concept of varied amounts of cover and we are hoping this is something that will appeal to the younger generation.
“We will make sure the cover consumers are asking for is right for them. We believe ardently in the need for full advice. When people start to look at the different cover variations, they will realise it is a more complex area than they thought.”
London & Country sales director Michael Aldridge says: “It seems to be trying to fit in that space between a comparison site and an advice service. If it means more consumers take up protection, that is always welcome but with only three providers, you have to ask how competitive it will be for the client.”
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Readers' comments (16)
Alan Lakey | 11 Aug 2011 8:38 am
If this increases the take up of sensible products then I applaud it.
However it serves to perpetuate the myth that cheapest is best. Is this what consumers want? What aren't we all driving Kia's and Skoda's.
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Rob | 11 Aug 2011 9:20 am
I am not going to lose any sleep about it... the site is confusing and doesnt even work.... I think these ex MS staff are going to find that selling this stuff is a lot harder than selling leads to advisors...
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Andrew Mallett | 11 Aug 2011 9:20 am
...because its been launched to make as much money as possible for the proprietors. They don't care if cheap overrides advice - Greed greed greed. And we wonder why there are riots?
People of the UK - stop attending these stupid breakfast meetings, stop blowing smoke up each others backside, stop trying to earn as physically as much as you can. Start looking around, spen time with your kids, your family - help people - stop being greedy.
Its very unattractive
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Harry Katz | 11 Aug 2011 9:41 am
Good Lord Alan
I must finally be getting through!
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Anonymous | 11 Aug 2011 9:41 am
Seems a bit strange that yesterday we get news that direct line are pulling out of life market and then a new telephone sales outfit are coming in. Business model? Do they provide advice only on the cheapest quote? What sort of advice is this?
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George Grant | 11 Aug 2011 9:49 am
I agree with Michael about how competitive it will be for the client and this is surely a TCF issue. I also agree with Rob Protection has to be sold not bought. And finally Andrew you are spot on with the GREED issue.
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Bobby | 11 Aug 2011 10:59 am
Yeah I am sure that everybody will be chapping at the door as Life related Insurance is something that everyone looks for isnt it? Thats why we are all stinking rich as we dont have to go and look for the business. Also ask any of your 'Potential' clients what the difference between critical illness and income protection is, then tell me it is a good idea to allow them to use a all you can eat buffet/WONGA Loans Sliding Calculator approach to something as personal as protection- Is this a non advised service per chance?
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Anonymous | 11 Aug 2011 1:03 pm
It seems the web site has been designed by an amature
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Anonymous | 11 Aug 2011 8:50 pm
Why does someone building a business have to equate to greed? (I'm pretty sure these individuals aren't in need of a 'get rich quick scheme given their pedigree)? Or does it just equate to jealousy that two successful and incredibly well respected industry figures are doing what others wish they could and getting high profile coverage too.
Either way I'm delighted to see investment in a new business given so many are struggling at present.
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Anonymous | 11 Aug 2011 11:43 pm
I got mystery shopped by a Life Dept employee - trying to sample our sales process, advice, documents etc. Managed to finally trace the number that I was called off and got through to the Life Dept. The employee in question emailed me to apologise from an email account with no footer, regulatory statements etc - not impressed.
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