NEW YORK, Dec. 15, 2020 /PRNewsCentre/ — Sproutt, the insurance company that uses data and AI to reward people living healthy lives, today announced the availability of a new product that enables its customers to qualify for and buy a life insurance policy entirely online in a matter of minutes. The product is offered in partnership with Woburn, Massachusetts-based insurance carrier SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) and Afficiency, a startup that delivers life insurance via API.
This product marks an important step towards expanding efficient and easy access to personalized, data-driven life insurance policies. Unique in an industry defined by penalizing risky behaviors, Sproutt focuses on the positive aspects of its users’ lives. Its Quality of Life Index (QLI) assesses the user’s lifestyle and allows Sproutt to provide a personalized set of suggestions, recommendations, and references based on the latest medical research. By answering an online questionnaire, the platform identifies healthy behaviors – movement, sleep, emotional health, nutrition and overall lifestyle balance – to determine the most relevant policies for its customers.
"We at SBLI believe in putting our customers first – it’s central to what drives us," said Denis Clifford, Senior Vice President and Chief Distribution Officer of SBLI. "We are thrilled to partner with Sproutt, whose revolutionary approach to life insurance serves as a model for a more personalized, customer-centric life insurance experience while leveraging data and technology to drive an efficient buying process and promoting living a healthy life. In adding Sproutt as a distribution partner, we have a path to reach customers that choose to live healthier lives, while continuing to drive an enhanced digital experience to our customers."
Working with Afficiency’s underwriting and policy delivery engine, Sproutt’s AI-based technology matches eligible individuals with the right SBLI insurance. Combining advanced AI and data generated by the QLI, Sproutt can detect and analyze a consumer’s lifestyle attributes, determine if they’re eligible for the offered policy, and follow through to the purchase of the actual policy in just 10 minutes. The process requires no medical exam, phone calls, or offline appointments to obtain life insurance coverage.
"At Afficiency, our goal is to modernize the entire life insurance lifecycle for the customer, and ensure we deliver products that are easy to understand, easy to purchase and entirely digital. Sproutt’s salient commitment to streamlining the customer experience falls perfectly in line with that mission, and the proven success and future potential of their advanced AI technology makes them a natural choice to showcase our new products," said Mark Scafaro, CEO and Co-Founder of Afficiency Inc.
Yoav Shaham, CEO and Co-Founder of Sproutt, added, "Sproutt’s mission is to provide the best insurance for people who take care of their lives. Embedding the Quality of Life Index (QLI) data into the entire insurance buying journey enables us to detect and qualify the right customers, and now, with this partnership, we can offer them a complete digital buying experience and purchase within minutes, without compromising on coverage or price. The Term Life Insurance product developed by SBLI and the API platform that Afficiency offers are the perfect solution to fulfill our vision, and we are excited to partner with them."
Based on the QLI, Sproutt ensures that SBLI’s policyholders are low-risk consumers who not only love the lives they live but are rewarded for their lifestyle choices with affordable life insurance rates. With Afficiency’s API accelerating the process, users are empowered to have more time for other things.
Sproutt is a new kind of insurance company that celebrates life and believes people should be rewarded for living well. Sproutt ensures people obtain the most appropriate insurance coverage according to their lifestyle, preferences and needs, and rewards those who live well with more competitive policies. Backed by State of Mind Ventures, Moneta VC, FinTLV, Guardian Life, and MS&AD Ventures, Sproutt’s business operations are based in New York with an R&D center in Tel Aviv.
For over 110 years, SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has specialized in providing hassle-free, affordable life insurance. Whether it be term life, whole life or a plan that combines the two, we offer dependable protection at a fair price. Learn more at sbli.com or call 1-888-GET-SBLI.
Afficiency is an insurtech company making life insurance easier to understand and even easier to purchase. Afficiency developed a digital life insurance platform that allows new products to be quickly stood-up and made available for digital distribution, completely via API. All of Afficiency’s life insurance products are designed to be digitally underwritten and issued to applicants within seconds. Afficiency has been partnering with carriers and re-insurers since late 2018 to bring products to market and is working with conventional and new distribution channels to distribute these products. To learn more about Afficiency: www.afficiency.com.
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