Hooray Health & Protection, a new digital insurance broker, has launched and hopes to change the way SMEs buy group insurance.
Hooray will be one of the only firms in the UK to offer financial reviews by WebEx and telephone. As a result, it is more cost effective and time efficient for SMEs looking for health and protection insurance.
The plan for the firm is to take a step back from old-fashioned practices. For example, it will not demand client reviews are done face-to-face and embrace technology instead. Furthermore, Hooray hopes this will help close the protection gap in the UK.
With a lack of availability in options for online and telephone reviews, Hooray plans to use this as an advantage.
“At the start of 2019 there were just 49,820 group life policies and 17,304 group income protection schemes in the UK, which is shocking considering there are approximately 1.3 million businesses that have employees. This signals a serious problem in the industry where brokers are not keeping up with today’s SMEs and their needs,” said Charlie Cousins, Director of Hooray Health & Protection.
He added: “There will always be financial advisers who won’t embrace technology and believe financial reviews have to be done in-person but the majority of business owners we talk to would prefer to speak with a protection expert straight away and save the cost of paying for financial advisers travel costs and expenses.”
Recently, Trov, an insurance technology firm, partnered with Lloyds Banking Group and launched a portfolio of end-to-end digital white-labelled insurance products, many of which aimed at SMEs.
Launched on the “Powered by Trov” insurtech platform, it will enable firms to release solutions for homeowners, renters, motorists, and SMEs. The products are designed to be quickly utilised by financial organisations and insurers.
In addition, Trov and Lloyds will release an insurance product later in 2019 designed with the lifestyle of modern UK consumers in mind.
