SelectQuote has partnered with Symetra Life Insurance Company and Munich Re Life US to bring SwiftTerm Select point-of-sale life insurance product to the SelectQuote platform.
Founded in 1985, SelectQuote provides solutions that help consumers protect their most valuable assets: their families, health, and property.
Beginning in the fourth quarter of 2022, qualified consumers ages 18-60 will be able to acquire up to $2m of same-day coverage without a medical exam through the new product SwiftTerm Select.
SwiftTerm Select will be sold exclusively through SelectQuote.
According to SelectQuote, the customised term life product offers instant decision underwriting through alitheia, a Munich Re Life US platform.
Policies will be issued by Symetra, a leader in annuities, life insurance and employee benefit products, and exclusively reinsured by Munich Re Life US, a provider of reinsurance and insurance-related risk solutions.
The aim of the launch of SwiftTerm Select is to provide insurance that’s fast, easy and affordable by offering both the agent and the consumer a simple and seamless term life insurance buying experience, going from the initial questionnaire to issuing a policy in as little as 25 minutes for qualified consumers.
Phil Williamson, vice president of business development at SelectQuote, said, “We are committed to transforming the insurance buying and selling process through innovative product development, technology and strategic partnerships.We believe the future of life insurance is a combination of a digital and agent experience that seamlessly integrates real-time data with cutting-edge underwriting technology, providing consumers with high-quality choices at competitive prices.”
Earlier this year, Munich Re entered into a definitive agreement to acquire Clareto, a health information exchange that provides record retrieval companies for the life insurance industry.
Munich Re said its acquisition of Clareto will accelerate life insurers’ utilisation of EHRs – the digital record of a patient’s care – as life insurers look to transform their underwriting processes and improve the applicant experience.
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