The protection market is ripe for disruption – and with the right partnership, anyone can be a distributor of life insurance. Offering life insurance is an opportunity to improve the financial wellbeing of your own customers at the same time as increasing their value and engagement.

The question is whether to partner with a whole-of-market broker or directly with an insurer. There are pros and cons to both.

First, the pros...

Single-tie partnership with insurer

Partnering with a household insurer name automatically creates trust – and customers who recognise the insurer may be easier to convert

Online journey

For customers who know exactly what they need, they should be able to complete the end-to-end buying process online

Whole-of-market broker partnership

Wide product rangeYour customers will have access to a wide range of products from the whole market of insurers, making it much more likely that they’ll find the most suitable and best value policy for their needs

Digital advice + educational journey

Partnering with Anorak gives your customers access to free, instant, online advice and a truly educational journey – purposefully-designed so they’re empowered to make an informed decision

Adviser access

As well as the online journey, customers can speak to a human adviser for guidance at any point, sense check that what they’re buying doesn’t leave them under-protected (or over-protected), and be extra sure they’re making an informed choice

No conflict of interest

An independent broker works for the customer, not the insurer – so your customers would be advised based on what’s best for their needs, not based on what the broker can and can’t sell

Got questions about selling life insurance or partnering with Anorak?

And what about the cons?

Single-tie partnership with insurer
Limited product range

Your customers will be offered a limited range of products, which won’t necessarily be the most suitable or best value for their needs

Transactional journey

This kind of life insurance sale is transactional, so your customers won’t get access to independent advice before they buy – which means no opportunity to sense check that what they’re buying is what they really need

Low eligibility

Around 20-40% of customers aren’t eligible for an online-only life insurance journey, due to its simplified underwriting process – leaving them at a dead end; this level of eligibility is much lower than it would be for a whole-of-market approach

Whole-of-market broker partnership
Lack of brand awareness

Unlike a household insurer name, a whole-of-market broker like Anorak is a relative unknown – so it could take longer to get engagement and build trust

Why advice matters when buying life insurance

Buying the right cover to protect your family financially is very important. The ‘right cover’ means not being underprotected – so your customers know their family will be protected in the way they need to be, and won’t face financial insecurity if the worst happens. It also means not being overprotected – so not buying more cover than they really need or paying more than they need to in insurance premiums for years to come.

Without advice, people risk making uninformed decisions. To buy the right cover, your customers need to know what their future financial liabilities are, but most of them will need expert help to work this out accurately. They also need help identifying which products on the market are most suitable for them – to take the guesswork out of buying cover.

Providing your customers with easy access to independent advice is the safest way to make sure they protect themselves in the right way. So they walk away with a product that’s sufficient, suitable and affordable – confident that they and their families will be looked, whatever happens.