Nexus launches online Life product

Financial adviser Nexus has teamed up with Zurich International Life Ltd. (Zurich) to offer instant life insurance online with no medical check needed.

Tarun Khanna, CEO of Nexus commented: “Customers’ protection needs come into sharp focus when major changes occur in life, for example getting married or starting a family, especially when they are living and working away from home. YourLife is a market leading innovative proposition. By embracing technology, we can help customers feel confident about protecting their families quickly, simply and at a fixed price should the unimaginable occur.”

Customers will be able to purchase insurance instantly without the need for medical evidence or more detailed health checks; they will receive their policy schedule immediately, with no requirement to meet with an adviser.

A review of the amount of cover selected by Zurich customers in their 2018 claims insights showed the reality that underinsurance is a pressing issue. Many claimants were underinsured, with two thirds of death claims under USD 200,000. Is USD 200,000 enough cover? It might be. However, most of Zurich’s claimants were under the age of 60 with young families to support. With busy work and family lives, consumer spending habits have changed. They need alternative ways to study and choose what’s important to them, with the majority of people choosing to do this online. The e-commerce market in the UAE is expected to reach USD10 billion in value in 2018, according to analysis by Frost and Sullivan, having grown four-fold from USD2.5 billion in 2014. Whilst it’s becoming easier for consumers to purchase a growing number of services and products from financial services companies, until now customers in the UAE had not been able to purchase life assurance online.