The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI) has partnered with Techficient to digitise the life insurance process.

The partnership will see the creation of fully digital products that leverage “advanced technology” to streamline the purchasing journey for users.

As a result of this partnership, SBLI has rolled out its inaugural term product, EasyTrak Digital Term Life.

This product enables agents and clients to apply for and instantly issue a term life policy without the need for medical exams or APS (attending physician statement) records, streamlining the buying process significantly.

The Techficient platform employs AI and predictive data to enhance the underwriting process.

This technology is expected to “significantly” grow the volume of placed business, making the overall experience more efficient for both agents and clients, the insurtech company said in a statement.

Through this partnership, SBLI will offer a “modern” digital experience that empowers life insurance professionals, the statement added.

The initiative aims to broaden their customer base while improving operational effectiveness in the competitive insurance market.

Techficient and SBLI have developed a “user-friendly digital protection journey”, which encompasses the complete process from quoting to policy issuance.

This approach is designed to simplify and expedite the underwriting process for customers.

The new system allows customers to secure coverage more quickly, offering them a choice in their buying experience.

Techficient's platform is also said to incorporate fraud detection. This technology not only facilitates more effective policy issuance but also ensures that customers are matched with the appropriate life insurance protection, the company stated.

SBLI senior vice-president and chief distribution officer Wade Seward said: “This exemplifies our shared dedication to modernising the life insurance process and expanding protection availability.

“We look forward to continuing not only our partnership with Techficient but our transformation within the SBLI product suite to deliver a best-in-class experience that helps more people obtain financial protection they need.”

"SBLI partners with Techficient for digital innovation in life insurance" was originally created and published by Life Insurance International, a GlobalData owned brand.

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