We also expect a major bank to launch with us in March. The CEO tells us a bit more about the coming year and the trends he thinks will impact the insurance business: “We have four Canadian companies launching in the first quarter of 2017, including Invisor-they are the first Robo-Adviser we are aware of selling insurance. This digital capture of information provides the opportunity to use predictive analytics to grow the business. External databases can be pulled out to supplement the information and finalize the decision. Prospective customers respond to initial questions, and additional questions are only asked when needed which enables the application process to remain quick and efficient. These are implemented through reflexive questioning in the system, relying on a database of 16,000 questions. Many insurers are concerned about cannibalizing their existing distribution but we have not seen this to be an issueĪcceptiv builds on the company’s experience and underwriting rules. “Good branding and an efficient application are critical,” says Pledge. While selling online provides more opportunities to reduce premiums, price point is not the only area they should focus on. “We are not working with a fixed market size, currently 50 percent of households have insufficient life insurance-offering convenient and effective products should address this gap.” Acceptiv works with their clients to ensure companies remain competitive and do not cheapen their products. “Many insurers are concerned about cannibalizing their existing distribution but we have not seen this to be an issue,” reassures Kevin Pledge, CEO and Founder, Acceptiv. Moving to an online solution requires a very different approach to product design and distribution.
#Invisor underwriting software#
Their software solution, built on a leading European software platform and tailored to the needs of the North American market, offers an end-to-end customer journey that takes less than 12 minutes, with no need for an agent to visit or fluid samples to be provided in most cases. Acceptiv taps into this under-served market of customers that look for solutions online.
#Invisor underwriting manual#
They provide the strategy, software, and ongoing services to design and offer policies that most customers can buy online, with the possibility to integrate them into a more traditional portfolio with manual underwriting. Founded in 2014, Acceptiv enables insurers to sell life insurance and critical illness products online or through omni-channel distribution. How can they successfully tap into this under-served market and offer a real solution without adding to the risks and the costs?Īcceptiv has the answer. However, many insurance companies fall into a trap while moving online by relying on simplified products and overcharging customers to mitigate risks, creating a lose-lose situation. Experts agree that this segment of the insurance market will continue to grow in the future. Kevin Pledge, Founder & CEO Many customers are now searching online for life insurance solutions, and are ready to buy provided the right quote and price are offered to them.
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