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. Many people who require life insurance would prefer to have it done electronically, without the need to visit a doctor or undergo a medical exam. This gives brokers and agents a competitive edge if they offer a fully 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,”Glenn Hibler, co-founder and CEO of Traffk, said a statement. “Our approach is different. We believe enhancing the insurance professional’s capabilities is the ideal way to close the coverage gap. Our product is an all-digital, instant term life policy with instant decision. It can be sold via phone, web conference, or by sharing a link. The process is done in minutes and requires no medical exam for those applicants who qualify.”
Hero Life’s online life insurance is unique. It is exclusively available to brokers and distributors and does not require a medical exam. They also offer up to $2,000,000 in term life coverage in less than 20 minutes. Customers work directly to determine which policy is best for them. Clients are then guided through an easy electronic signature ceremony. They can review and apply right from their mobile, tablet, computer or laptop.
“The life insurance purchase process has gone through rapid evolution over the years, through different parts of the value chain. Even though optimization remains inconsistent across the industry’s, players are becoming more aware of it when building 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,”Eamon Walsh from NFP said this: “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.