The product, aimed at consumers who choose to buy insurance without seeking professional advice first, offers the option of life cover and life or critical illness cover.
Bright Grey proposition director Roger Edwards says: “We need to recognise that a certain segment of the population are using the internet to buy protection without professional advice. This group choose the internet-only approach to buy and wouldn’t look to buy in any other way.
“This proposition gives us proper access to that distribution channel, which runs in parallel to the advice-led IFA market, where we already have a strong menu proposition.”
Edwards says the simplicity and price of the product will encourage more people to buy protection.
He says: “As an industry we’ve been talking about growing the market for a long time. A separate market segment needs a separate proposition, so it makes sense for us to expand in this way.”