OVERVIEW MARKET PROBLEM IDEA BENEFITS TECHNOLOGY TEAM CONTACT Join the underwriting revolution. UnderwriteMe is a protection technology business with a vision to make buying and selling protection easy, fast, fair and more profitable. We have developed genuinely market changing underwriting technology to enable advisers and customers to engage with insurers using a single, consistent process. Insurers retain their own underwriting capability, advisers and customers gain a simple way to buy protection. This transforms quick quote comparisons into fully underwritten comparisons and a click & buy. The technology connects providers to advisers and customers and satisfies all expectations. The end result is an enhanced user journey which maximises conversion by offering the end customers a truly transparent experience and evidences advisers are meeting their regulatory expectations. UnderwriteMe levers the power of the very latest technology to deliver protection in a way that should really help advisers and people looking to consider buying protection. We expect this new model to drive true growth in the protection market, reaching people who really need the products that we offer but who currently drop out during the process. Warren Copp Chief Underwriter at Pacific Life Re The need to drive up conversion. This has been the lost decade for protection as new business has almost halved in real terms. Tough economic conditions and the collapse of the mortgage market have had a significant impact, but this has also made people more aware of their personal responsibilities. In addition, the sales decline started before the economy turned. In our view protection is difficult to sell and even more difficult for consumers to buy which has resulted in a huge gap appearing between the speed and ease of a motor or home transaction versus a protection transaction. 56% reduction in new business protection sales since 2003 The problem’s in the process. Advisers selling protection are not making money because the application process has too many work arounds. Advisers need to contact insurers to get indicative terms and even then they don’t know the length of the underwriting process. Adviser research has shown that their customers would prefer an insurer who could give an immediate decision, even if this was a little more expensive, but they don’t know this in advance. Equally, aggregators account for over 50% of new car insurance sales, yet just 3% of protection. This is not just because car insurance is compulsory - customers are visiting comparison sites but 95% are not completing. Why? In fact the sales journey is so disjointed and unfriendly it’s a surprise there are that many completions. The Traditional Protection Journey The solution is better connectivity. We asked ourselves: What if we moved technology up the value chain? What if we were able to underwrite simultaneously for multiple insurers at the same time? This would require new technology that enabled insurer underwriting engines to talk to the sales entity, so that each insurer received the data they needed to deliver real decisions, within a single consistent journey. Everyday we use web enabled technology from different manufacturers that is compatible. This must be possible with protection, without anyone giving away their intellectual property, or freedom to underwrite. In 2012 armed with our industry insight, technology expertise and the backing of global re-insurer Pacific Life Re, we took on the challenge. The UnderwriteMe Journey Everyone’s a winner. PROVIDERS ADVISERS CUSTOMERS UnderwriteMe reduces the acquisition cost of getting policies on the books and also removes the burden and expense of quote and apply I.T. support. Increase sales and profit margins Enhance pricing and underwriting expertise Lift completion rates and reduce wasted evidence A secure interface Raise market share Competitive advantage Improve benchmarking data and analysis A faster and easier way to create, update and test rules Perfect way to test new channels UnderwriteMe allows advisers more time to focus on advice with a single application process for all insurers Removes times spent currently managing the application process One single application interface to access all insurers Compare product features alongside final prices Click and Buy immediately where terms are available with no repeat data entry Where terms are not available clear next steps shown alongside a realistic final price No need for pre-application underwriting calls A fully auditable process for evidence based recommendations UnderwriteMe transforms the buying process to be just as good as car insurance and home insurance. Modern browser support means the customer can purchase using any device - meeting current buying expectations. Enables comparison websites to actually deliver comparisons An online journey that meets modern consumer expectations Compare product features alongside final prices Click and Buy immediately where terms are available with no repeat data entry Where terms are not available clear next steps shown alongside a realistic final price Being able to offer our clients a fully underwritten premium at the quote stage would bring a revolutionary change to the protection market for both customers and advisers. Tom Baigrie CEO of LifeSearch How our technology works INTELLIGENT QUESTIONS THE UNDERWRITING ENGINE Each insurer has its own underwriting engine and wires up its own rules – with the same outcome as their extranet Intelligent reflexive questions ensure each insurer gets the data it needs – across all conditions Advisers and consumers can now engage with multiple insurers through a single interface – delivering a rewarding customer journey There is no restriction on insurers in obtaining the data they need, nor changing their rules any any time A web enabled underwriting engine Rules created in flowcharts avoiding Development Underwriters having to become IT developers Complete management of the Underwriting Development lifecycle An integrated unit testing tool that allows full rule testing and analysis of failures Ability for more than one underwriter at a time to update and make changes to the rule set Comprehensive MI tool which includes: - Review of UW rule changes against previous policies - Dashboard on rule usage Manuals, online help and a “reference site” to enable rules development The UnderwriteMe Technology Proven protection expertise. UnderwriteMe is a joint venture between the global re-insurer Pacific Life Re and a team of industry experts. OUR TEAM OUR BOARD Martin Werth Chief Executive Officer Martin, formerly Managing Director of Ageas Protect, has won numerous awards for his work helping distributors to write protection and support their customers. Ageas Protect also won numerous awards for its technology and service, and secured an 8% IFA market share worth £30m new annual premiums. Shanti Duggal Chief Operating Officer Shanti was previously Operations Director at Ageas Protect and before that head of e-business for Friends Provident Life & Pensions. He has designed and implemented multiple protection platforms all of which have won awards for their technology and market leading approaches. Jerry Brown Chief Underwriter Jerry was previously Head of Underwriting and Claims for Swiss Re Life & Health in UK, Ireland and Africa, which included responsibility for their underwriting system, Magnum. Since leaving Swiss Re, he has worked with many insurers in developing their underwriting systems, most notably that at Scottish Widows which achieved 90% point of sales decision rates. Chris Hibbert Business Architect Chris has worked in a variety of industries - Banking, Telecoms, Pharmaceuticals and for the last 12 years Financial Services. Bridging the gap between the Business and IT, Chris has extensive experience in development methodologies, test management, release management, configuration management and business architecture. David Howell, FSA Chairman for UnderwriteMe & CEO for Pacific Life Re Responsible for all of Pacific Life’s reinsurance operations, David’s career in life reinsurance goes back 20 years. Formerly Chief Pricing Officer for Swiss Re’s life reinsurance business in Europe, Asia and Latin America, before which he held a variety of roles with Swiss Re and Mercantile & General Reinsurance covering traditional and non-traditional reinsurance. Martin Werth Chief Executive Officer Martin, formerly Managing Director of Ageas Protect, has won numerous awards for his work helping distributors to write protection and support their customers. Ageas Protect also won numerous awards for its technology and service, and secured an 8% IFA market share worth £30m of new annual premiums. Shanti Duggal Chief Operating Officer Shanti was previously Operations Director at Ageas Protect and before that head of e-business for Friends Provident Life & Pensions. He has designed and implemented multiple protection platforms all of which have won awards for their technology and market leading approaches. Duncan Hayward, FCA Non-Exec Director for UnderwriteMe & CFO for Pacific Life Re Responsible for Finance, IT and Administration, Duncan spent 11 years with PriceWaterhouseCoopers, qualifying as an ACA in 1990, where he managed insurance sector audit work and special projects out of the London office. Previously with Swiss Re in Zurich and London, he ran the Finance, Actuarial and Administration teams for the Asian, Central European and Latin American Life and Health businesses. James Tait, FIA Non-Exec Director for UnderwriteMe & Head of Protection for UK and Ireland for Pacific Life Re With over 10 years’ experience in the UK protection market, James joined Pacific Life Re from Ageas Protect, where he helped the company grow from launch as Head of Pricing & Reinsurance. Thanks to his wide experience, which includes Munich Re and Legal & General, he has an in depth understanding of how reinsurers can help customers with support and innovation. Let’s talk protection CONTACT LOCATION REGISTERED DETAILS To find out more or to arrange a demonstration please contact: Martin Werth Chief Executive Officer e: enquiries@underwriteme.co.uk UnderwriteMe Limited Portland House Bressenden Place London SW1E 5BH UnderwriteMe is a company registered in England & Wales: Name: UnderwriteMe Limited Registered Number: 07912813 Registered Address UnderwriteMe Limited Level 7 Tower Bridge House St Katharine's Way London E1W 1BA UnderwriteMe Limited, Portland House, Bressenden Place, London, SW1E 5BH UnderwriteMe is authorised and regulated by the Financial Conduct Authority (Reference Number 592244)