The calculation of life insurance premiums can be complicated as lifestyle and health can influence life expectancy.
Insurance companies often make different assessments of the same individual based on their own specific underwriting philosophies. This translates into different premiums for the same risk. Across the market less than 1 in 3 high-value cases receive the quoted premium. For high-value life insurance policies, these differences can amount to thousands of pounds per year in extra premiums.
Owing to inefficiencies in the standard application process, brokers and IFAs are usually limited to applying to a single insurer. If the desired outcome is not achieved, the process will have to be repeated, with no guarantee that the original outcome will be improved upon. This leads to a large proportion of high-value cases not proceeding.
Risk Assured reverse-engineers the standard approach. We have an in-house underwriting team who collate and analyse the data, package it intelligently for insurers and reinsurers, and then negotiate terms across the entire insurance market. With multiple insurance companies offering cover, this process substantially improves the outcome and minimises the intrusion.