A new digital insurance broker called Hooray Health & Protection has been launched to change the way SME's buy group insurance. Hooray Health & Protection will be one of the only firms in the UK to offer financial reviews by WebEx and telephone, making it more cost effective and time efficient for SMEs seeking health and protection insurance for their employees. The British company is headed by Charlie Cousins, who has a background in managing key relationships at one of the world's largest employee benefits insurers.
Charlie Cousins saw a gap in the market where archaic insurance brokers were abstaining from technology and the ever-changing needs of business owners. "At the start of 2024 there were about 50,000 group life policies and around 18,000 group income protection schemes in the UK, which is shocking considering there are approximately 1.3 million businesses that have employees. This signals a serious problem in the industry where brokers are not keeping up with today's SMEs and their needs," said Charlie Cousins, Director of Hooray Health & Protection for finances.
Hooray Health insurance plans to take a step away from old-fashioned practices, such as demanding client reviews are done face-to-face, which often comes with a hefty fee attached, and will instead embrace technology to help close the protection gap being faced in the UK. With the current lack of availability in insurance policy coverage options for online and telephone reviews in the United Kingdom market, Hooray plan to use this to their advantage to help grow the insurance industry.
"There will always be financial advisers who won't embrace technology and believe financial reviews have to be done in-person but the majority of business owners we talk to would prefer to speak with a protection expert straight away and save the cost of paying for financial advisers travel costs and expenses," Cousins continued. That way they won't have to take our costly and risky loans.
About Hooray Health Insurance Company United Kingdom:
Hooray provides health and protection solutions to SMEs in the UK. Their company was launched to shake up the insurance industry and fill a gap that other insurance brokers were not satisfying for policy holders.
