What:
Yapily has teamed up with embedded insurance platform Certua to make it easier, quicker, and cheaper for people to apply for and manage their life insurance cover in the UK.
Why:
A significant life insurance protection gap exists in the UK. But Certua and Yapily are making it easier for people to access life insurance cover that is suited to their needs, reduce time spent on admin during the risk assessment process, and save money by ensuring individuals aren’t under or over-insured.
How:
- Using Yapily’s platform, with the customer’s consent Certua can fetch individual bank account information such as annual income and expenses to automatically assess a person’s financial position.
- Certua then feeds this information into its open banking powered cover calculator to provide more accurate and personalized insurance policy recommendations.
- Individuals can quickly receive point-in-time recommendations, without having to engage with lengthy data-gathering and advice processes when applying for life insurance cover.
- Yapily is also enabling Certua to continuously monitor and assess every customer’s protection needs throughout their lifetime.
- This ensures that coverage can be adapted to meet an individual’s changing circumstances, with many people that do have cover currently stuck on rigid fixed benefit and fixed-term products.
- Certua is also working with Yapily to explore the use of open banking data in underwriting to eliminate burdensome administrative tasks when it comes to referrals which will save insurance companies both time and money.