What would you like to know
- Plum Life launched last week.
- It can connect agent clients to Swiss Re’s Magnum subscription automation system.
- SBLI has experimented with other life insurance sales programs in recent years.
A company that offers to help life insurance agents start and manage their own online sales operations is beginning to take shape.
The online store startup, Plum Life, announced its official launch last week.
This week, the Woburn, Massachusetts-based company announced a distribution agreement with a neighbor of Woburn, The Savings Bank Mutual Life Insurance Company of Massachusetts, or SBLI,
Plum Life will offer SBLI’s guaranteed premium level term life insurance products through its program, which can connect agents, insurers and consumers through websites and mobile devices.
The Plum Life program also offers tools that can help agents get quotes, submit claims, and deliver policies to clients.
Plum Life can connect agents to the automated Swiss Re Magnum underwriting system, and Swiss Re serves as a reinsurer for products distributed through the Plum Life program.
SBLI has experimented with other online lifetime sales programs. In 2019, for example, he helped Lifefy Corp. to set up an online sales system for term life insurance.