Roger Edwards, proposition director at Bright Grey says: “We need to recognise that a certain segment of the population are using the internet to buy protection without professional advice.
“This group choose the internet-only approach to buy and wouldn’t look to buy in any other way. Until now there hasn’t been a product that offers life or critical illness cover specifically tailored to this group of people, where they can complete the whole process online.
“This proposition gives us proper access to that distribution channel, which runs in parallel to the advice-led IFA market, where we already have a strong menu proposition.
“The price and the fact that it is a simple product is an important combination for online consumers and one that will encourage more people to buy protection. We believe a good protection provider needs to offer a range of propositions – which support each other in different market segments. As an industry we’ve been talking about growing the market for a long time. A separate market segment needs a separate proposition, so it makes sense for us to expand in this way.”
Bright Grey intends to expand its sales capacity by rolling out lifestyle protection to other intermediary sites.