Quote comparison software provider UnderwriteMe has launched with two pilot distributors.
UnderwriteMe will go live in August with LifeSearch and direct to consumer online broker Cavendish Online.
The software aims to simplify the protection sales process by providing fully underwritten prices at the point of sale.
It is being used by six providers: Scottish Friendly, Exeter Family Friendly, Canada Life, LV=, Royal London and Old Mutual Wealth.
UnderwriteMe says it is in talks with all other major providers and hopes to have all insurers on board in the next 12 to 18 months.
Speaking at a launch event in London today, UnderwriteMe chief executive Martin Werth says: “The existing technology is unsustainable.
“Our digital platform will transform the protection industry and is exciting not just comparison websites but retailers and banks.
“Insurers move at different paces but I am confident all providers will be engaged in the next 12 to 18 months.”
LifeSearch chief executive Tom Baigrie says: “The current application process is a profit-destroying mess.
“We expect UnderwriteMe to deliver large savings as it will eradicate the need for advisers to make numerous calls to providers’ underwriting departments. We also expect more customers to add income protection and critical illness to life cover, as the process will be easier.”