Cover Extender Qorus Innovation in Insurance Awards 2024 - Winner

More than 2 Million customers lose their insurance cover each year simply because they can't afford to pay EVERY premium. Traditional insurance product rules are far too inflexible to adequately meet the real needs of this market.

Cover Extender is an insurance innovation that allows customers to miss premiums whenever they need to, without the fear of losing their family’s insurance cover.

Rather than cancelling the policy after a missed premium, Cover Extender temporarily reduces the benefit payable in proportion to the premiums missed over the preceding 6 months. When premiums are paid again later, the cover percentage increases.

In this way, policies are retained by customers for longer. They pay more premiums over time, and more claims are paid too. Insurers benefit from greatly improved persistency and profitability.