Financial services e-commerce provider Monevate has set up a platform offering price comparison and immediate online underwriting for protection products from three providers.
The system gives the best price from Scottish Widows, Canada Life and Bright Grey that can be bought and placed on cover from a single online application.
Monevate has spent a year of negotiations with providers and their re-insurers to build their underwriting criteria into its system.
It is in negotiations with other providers, including Scottish Equitable and Scottish Provident, to add to the system which it describes as an easily scaleable multi-tie technology platform.
It expects to offer the service – which can be white-labelled – to intermediaries, banks, building societies and retail websites on a commission-sharing basis.
Monevate managing director Les Cantlay says: “This is a ready-made multi-tie platform where every provider can have its own underwriting parameters built into the system. It also creates competition among providers as to who can put people on risk immediately.”