Hero Life offers digital life insurance exclusively designed to empower brokers
NEW YORK, May 19, 2022 (GLOBE NEWSWIRE) -- Insurtech startup Traffk has launched Hero Life Insurance, an innovative insurance solution empowering brokers and agents to compete in the digital insurance marketplace. Hero Life was born as the result of a strategic alliance with SCOR, the world’s fourth largest reinsurer, to develop alternative business lines with new digital players. Policies are underwritten by Assurity Life Insurance Company, A- (Excellent) by AM Best. This collaboration ensures Hero Life customers are backed by two of the most trusted names in the insurance industry.
While life insurance sales hit their highest level in almost 40 years in 2021, nearly 70 percent of Americans still do not have life insurance. Most of those who need life insurance say they would prefer a process that eliminates the need to see a doctor or take a medical exam. This environment provides a competitive advantage to brokers and agents who are offering a complete digital solution.
“Over 90 percent of life insurance is sold through brokers, yet the majority of digital insurers are going direct to the consumer and completely cutting out the broker,” said Traffk CEO and co-founder Glenn Hibler. “Our approach is different. We believe enhancing the insurance professional’s capabilities is the ideal way to close the coverage gap. What we offer is an all digital, instant decision term life policy designed to be sold over the phone, via web conference or with a sharable link. The process is done in minutes and requires no medical exam for those applicants who qualify.”
Hero Life is unique with its approach to online life insurance, designed exclusively for brokers and distributors requiring no medical exam for those applicants who qualify and offering up to $2 million in term life coverage in under 20 minutes. Customers work directly with sales professionals to determine the best policy for their health and lifestyle. To complete the process, clients are guided through a simple electronic signature ceremony to review and apply directly from their computer, tablet, or mobile device.
“The life insurance purchase process has gone through rapid evolution over the years, through different parts of the value chain. While the optimization of this process remains largely inconsistent across the industry, players are increasingly mindful of it when constructing new programs. Traffk’s modern approach with the Hero Life program brings that optimization, and to channels that need it the most,” said Manisha Dias, Vice President – Strategic Partnerships at SCOR.
“Early insurtechs focused on disintermediating brokers, unlike Traffk, which has focused on bringing brokers and clients together on the digital insurance platform facilitating a process that saves time and money,” said Eamon Walsh of NFP. “Traffk has also invested in the user interface itself as they value the customer experience as part of their client engagement. It’s more than an insurance buying process because Traffk values the broker’s relationship with the client and knows that everyone working in partnership supports the quality of the business they write. It’s a better approach for clients and for brokers.”
Hero Life is the first of many life and health insurance products to come out of Traffk’s robust development pipeline – a process uniting reinsurers, distributors, and insurance carriers to create channel-optimized insurance products for defined audiences.
Traffk is an innovative insurance underwriting and distribution platform designed to build and launch modern insurance products and brands that scale. With more than 25 years leadership in insurance and AI, Glenn Hibler co-founded Traffk as a solution to the problems of inefficient, assumption-based underwriting and slow processing in the insurance industry. Traffk's goal from the start has been to comprehend the risks and modernize the insurance underwriting process by leveraging modern-day tools. Traffk enables risk bearers to leverage the underwriting process with its data-enrichment technology and integrates and analyzes data to glean insights pertinent to insurance. Traffk works with agents as partners, providing them with the digital tools to work with an efficient sales process and engage consumers with a fast, accurate process for insurance policies, changing the insurance landscape for the better, forever.
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risk. Applying “The Art & Science of Risk,” SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of security with its AA- rating or equivalent from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of more than EUR 17.5 billion in 2021 and serves clients in more than 160 countries from its 36 offices worldwide.