Term insurance and critical illness provider, Beagle Street, has confirmed that it is working on a proposition that will see it entering the intermediary space next year.
The insurer has stated that its priority will be to make advisers’ lives easier, by providing a simple process and attractive products that will support firms as they seek the right cover for their customers.
Beagle Street’s new distribution director, Holly Ewing, said: “We’ve been working hard to build an extremely strong team and are investing in technology that will mean we have an exciting offer when we bring it to market next year.
“Our recent research found that around 10 million young adults do not have life insurance. Why?
“Around three in 10 said it was because they didn’t think they could afford it.
“This is a huge protection gap and must be urgently addressed to ensure that a whole generation of adults and their families are not left in a vulnerable position.”
She added: “Life insurance is a basic financial requirement for anyone encountering a major life event, such as the birth of their first child or getting a foot on the housing ladder, and it’s often better value than people think – and that’s where advisers can help.
“Over a third of those with life insurance said that they had chosen to source their insurance through an intermediary who could highlight the different options available to them.
“But we also know that the systems that advisers are working with to support their customers are far from straight-forward to use, and that they find this frustrating.”
Ewing concluded: “So, we are putting advisers’ needs right at the heart of everything that we are doing, to design an easy-to-use platform that will exceed their expectations when we launch.
“Our priority is to make life easier for advisers.”
Reaction:
Paul Yates, product distribution director at iPipeline:
“Beagle Street’s entry into the intermediated protection market is a welcome one, widening the choice in the largest sector of the protection market which has seen some consolidation recently.
“Being part of the OneFamily group means they benefit from established intermediated service and new market leading technology.
“Beagle Street bring considerable experience from the D2C market and know how to develop relevant products for their target markets and get their message across in a simple and compelling way.
“Considering the FCA’s forthcoming market study, prompted by fears of a lack of competition leading to unsatisfactory outcomes for customers, it is encouraging to see more options emerging in the protection sector.
“We hope others will follow their lead and that providers will also increase their distribution channels and product types.”
