A new digital insurance broker called Hooray Health & Protection has been launched in the UK.
The broker offers financial reviews by WebEx and telephone, which it said will make it more cost-effective and time-efficient for SMEs seeking health and protection insurance for their employees.
The company is headed by Charlie Cousins, who previously worked at MetLife.
“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,” he said. “This signals a serious problem in the industry where brokers are not keeping up with today’s SMEs and their needs.”
Hooray plans to take a step away from what it describes as old-fashioned practices, such as face-to-face client reviews, and will instead use technology.
“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,” Cousins said.
Hooray is an appointed representative of Engage Health Group.