Andrew Doran, CEO, UnderwriteMe
Insurtech, UnderwriteMe, has released its Protection Platform Pulse Report, which analysed customers insights from its Protection Platform.
The report, which analysed application submitted and purchased in 2024, also showed that the average customer has 1.16 disclosures.
The most common disclosures for life insurance, according to the Insurtech, were: depression, anxiety, stress; raised blood pressure; cholesterol; and diabetes among others.
On the critical illness cover (CIC) side, the most common disclosures were: depression, anxiety, stress; back pain; asthma; and raised blood pressure.
Britney Trussler, protection manager, Dynamo, said: "The most common disclosures we encounter include high blood pressure, high cholesterol, diabetes, and mental health conditions and we frequently see a high rate of instant decisions from UnderwriteMe, provided recent medical readings are within normal or slightly elevated ranges."
The report also signalled a rising demand for bundled protection, with an average of 1.4 products included per application.
Alongside this bundled approach, the Insurtech highlighted the need for straight through processing and buy now decisions. It said that 85% of life cover and 80% of CIC applications processed straight through.
The rate for income protection (IP) straight through processes was at an average of 62% over the last two years. This lower rate was due to "IP underwriting being more complex than life cover products," according to Andrew Doran, CEO, UnderwriteMe.
Showcasing the buy now decision rates, back pain and asthma were the disclosures with the highest rate of buy now rates, at 99%.
Doran said: "Over the past year, the life and protection insurance industry has gone through significant shifts. From provider mergers to rising living costs, evolving customer expectations, and increasing regulations, it's becoming increasingly challenging for advisers to navigate a rapidly changing landscape.
"However, the findings in our Protection Platform Pulse Report are a positive sign and highlight not just UnderwriteMe's strengths but the industry's move toward more inclusive underwriting."
