InsurTech Spotlight

Candian Life Insurance News

Life Simpli Launches Hassle-Free Insurance Marketplace in Canada

New platform enables individuals to apply for life & critical illness insurance within minutes

Toronto, ON (Apr. 8, 2021) – Life Simpli, a new InsurTech startup focused on simplifying the purchase of life and critical illness insurance for Canadians, announced its launch today.

The innovative, easy-to-use web platform enables individuals to assess their insurance needs, compare instant quotes from leading insurance providers in Canada and apply for suitable coverage – all within minutes.

Serving as a simplified insurance marketplace, Life Simpli allows individuals to apply for life and critical illness insurance by providing instant, real-time quotes from over 10 leading insurance companies in Canada like Manulife, SunLife, BMO, Canada Life, and Desjardins amongst others. Some of the policies also enable consumers to apply for life insurance coverage without any medical exam.

The 3-step process starts with a simple digital assessment to determine the consumer’s insurance needs. Based on this assessment, the web platform runs its intuitive algorithm to find the right policy for the consumer and provides instant quotes from various insurance providers. This is followed by a simple application process for the consumer’s insurance coverage of choice.

The insurance application process concludes with a call from a Life Simpli licensed advisor to finalize the application and ensure that the customer fully understands the product.

Life Simpli also provides 24/7 support for individuals that would rather kickstart the process with a one-on-one interaction with an insurance advisor. Since the firm houses its own team of independent licensed advisors, the consumers can expect transparent, unbiased, and personalized advice catered to their specific requirements.

“With the rapid shift towards digital and the increased focus on health and well-being, especially during the COVID-19 pandemic, it became essential to provide customers with a simple, hassle-free web platform to purchase life and critical illness insurance within the safety and comfort of their homes.

Gone are the days when customers were unaware of their insurance needs and confused with innumerable jargon and endless paperwork. With just a few clicks, our marketplace platform matches you with a range of quotes from Canada’s top insurance providers. Life Simpli lets you complete the insurance application process from start to finish in a matter of minutes. We hope to be well-received”, said Karan Jain, CEO & Founder at Life Simpli.

Focused on complete transparency, automation and personalization, Life Simpli will initially be available in Ontario and eventually roll out services to the rest of the country.

About Life Simpli

Headquartered in Oakville, Ontario, Life Simpli aims at removing the complication and frustration from the process of buying life insurance and critical illness insurance by providing a quick, simple and hassle-free experience through their innovative and intuitive insurance marketplace that is available across devices. For more information, visit lifesimpli.com.

Source: Life Simpli

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Read the original article at Insurance-Canada.ca

Candian Life Insurance News

Digitizing Distribution for Life and Health Insurance

A 2021 ICTA nomination

Toronto, ON (Mar. 31, 2021) – Finaeo provides life/health insurance with a complete digital ecosystem to power digital distribution from the insurance manufacturer, through brokers and to the end customer. For each stakeholder, Finaeo creates significant value.

Finaeo deeply believes that insurance brokers/advisors are the cornerstone of this industry and, to ensure that families are receiving both the advice and support they need, we must equip brokers with the technology to reduce friction and create efficiencies. To that end, brokers who work with Finaeo receive a digital toolkit that includes an insurance marketplace to search, quote, compare and apply for insurance products alongside a client management system which includes a compliance module, integrated/customized needs assessment tools, and secure document storage.

To help keep clients engaged in the digital journey, Finaeo provides brokers with a fully white-labelled “client portal”, which includes a digital onboarding/fact-find experience, collaborative document sharing and a “digital wallet” to store policies/applications from multiple carriers in one place.

Bringing this ecosystem to life meant developing solutions for insurance companies to remove friction in powering digital distribution. Finaeo’s no-code digitization toolkit allows carriers to create, configure, customize and launch digital products in real-time, without any API integration to their legacy systems. For those carriers who are ready, Finaeo can integrate via modern APIs to deliver a truly unique experience for brokers, increasing business opportunity and helping carriers become the “carrier of choice”.

Benefits

For Brokers, Finaeo has taken a highly fragmented and analog process to a fully digital experience that is saving brokers hundreds of hours in a year. As an example, traditionally, insurance brokers take 45mins-2+hrs to complete product research, quote, prepare a sales presentation and recommendation letter. Using Finaeo, brokers have taken this down to 5-20 mins.

For clients, they have never had an “end-to-end” insurance experience that provides full visibility and transparency into the process. This is a true innovation.

For insurance companies, traditionally, it can take 18-24 months to launch a digital product and application. Finaeo has brought this down to 40-60 hours through our propriety iForms engine and no-code toolkit.

Learn More

About Finaeo

Finaeo is a high-growth insurtech startup revolutionizing the life insurance marketplace with an advisor-first digital platform. The diverse leadership team brings together deep industry knowledge and extensive tech experience, placing Finaeo in the #1 position to modernize the insurance industry. And with just 3 years under its belt, Finaeo is already challenging global industry standards and breaking down the barriers between advisors, clients and providers. For more information, please visit finaeo.com.

Source: Finaeo

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Read the original article at Insurance-Canada.ca