Shepherds Friendly has partnered with insurance and healthcare technology specialist Alula Technologies to introduce a new low-code underwriting platform designed to improve agility and extend its reach to a wider customer base.
The Manchester-based mutual society said the bespoke system will allow it to adapt swiftly to shifts in market conditions and consumer needs, while also opening up access to cover for more people.
In time, Shepherds Friendly plans to integrate more of the platform’s in-built capabilities, including artificial intelligence for decision-making and fraud detection, as well as tools to incorporate external data sources into the underwriting process.
These enhancements are intended to speed up decision-making and provide greater insights, ultimately improving the digital experience for members.
Daniel Simpson, chief innovation officer at Shepherds Friendly, said: “As a mutual, a core part of our ethos is to strengthen financial resilience, and we believe adapting underwriting models in line with societal change and shifting market conditions is vital to increasing the uptake of products such as income protection.
“Our own research shows that only 14% of Brits currently have income protection; this is something we’re committed to improving.
“This new platform significantly enhances our ability to adapt our processes at speed. By automating our underwriting, we can deliver faster, more consistent decisions and improve the overall digital experience for our members.
“In the future, it will also allow us to ingest external data sources into our underwriting processes, helping us to future-proof our operations and continue innovating.”
Patrick Ashton, solutions director at Alula Technologies, added: “The first phase of our work with Shepherds Friendly was aimed at meeting its current needs, but also at enabling it to adapt to the changing consumer landscape in future.
“We look forward to continuing to work together as the business grows further and hope our platform plays a role in ensuring the society’s long-term success.”
