Traffk launches the Hero life insurance platform on the market

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NEW YORK, May 19, 2022 (GLOBE NEWSWIRE) — Insurtech startups Traffic launched Hero Life Insurance, an innovative insurance solution enabling brokers and agents to compete in the digital insurance market. Hero Life was born out of a strategic alliance with SCOR, the world’s fourth largest reinsurer, to develop alternative businesses with new digital players. Policies are underwritten by Assurity Life Insurance Company, A- (Excellent) by AM Best. This collaboration ensures that Hero Life customers are backed by two of the most trusted names in the insurance industry.

As life insurance sales reached their the highest level for almost 40 years in 2021, almost 70% of Americans still do not have life insurance. Most of those who need life insurance say they would prefer a process that eliminates the need to see a doctor or take a medical exam. This environment provides a competitive advantage to brokers and agents who offer a complete digital solution.

“Over 90% of life insurance is sold through brokers, but the majority of digital insurers are going direct to the consumer and doing away with the broker altogether,” said Glenn Hibler, CEO and co-founder of Traffk. “Our approach is different. We believe that enhancing the capabilities of the insurance professional is the ideal way to close the coverage gap. What we offer is a fully digital, instant decision term life insurance policy designed to be sold over the phone, web conference or with a shareable link. The process is done in minutes and requires no medical exam for qualifying applicants.

Hero Life is unique with its approach to online life insurance, designed exclusively for brokers and distributors requiring no medical exams for eligible applicants and offering up to $2 million in term life coverage in less than 20 minutes. Clients work directly with sales professionals to determine the best policy for their health and lifestyle. To complete the process, clients are guided through a simple electronic signature ceremony to review and apply directly from their computer, tablet or mobile device.

“The life insurance purchasing process has evolved rapidly over the years, through different links in the value chain. While the optimization of this process remains largely inconsistent in the industry, players are paying more and more attention to it when building new programs. Traffk’s modern approach with the Hero Life program brings this optimization, and to the channels that need it most,” said Manisha Dias, Vice President – Strategic Partnerships at SCOR.

“Early insurtechs focused on broker disintermediation, unlike Traffk, which focused on bringing brokers and customers closer together on the digital insurance platform facilitating a process that saves time and money,” said NFP’s Eamon Walsh. “Traffk has also invested in the user interface itself, as they value customer experience as part of their customer engagement. It’s more than an insurance buying process because Traffk values ​​the broker relationship. with the client and knowing that everyone working in partnership supports the quality of the business they write.It’s a better approach for clients and for brokers.

Hero Life is the first of many life and health insurance products to emerge from Traffk’s robust development pipeline – a process that brings together reinsurers, distributors and insurance companies to create insurance products optimized for defined audiences .

About Traffic
Traffk is an innovative insurance underwriting and distribution platform designed to create and launch modern and scalable insurance products and brands. With over 25 years of insurance and AI leadership, Glenn Hibler co-founded Traffk as a solution to the problems of inefficient, assumption-based underwriting and slow processing in the insurance industry. Traffk’s goal from the start has been to understand risk and modernize the insurance underwriting process by leveraging modern tools. Traffk enables risk carriers to leverage the underwriting process through its data enrichment technology and integrates and analyzes data to glean insurance-relevant insights. Traffk works with agents as partners, providing them with the digital tools to work with an efficient sales process and engage consumers with a fast and accurate process for insurance policies, changing the insurance landscape for the better. , for all time.

About SCOR
SCOR, the world’s fourth largest reinsurer, offers its clients a diversified and innovative range of solutions and services to control and manage risks. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the well-being and resilience of society.

SCOR offers its clients an optimal level of security with its AA- or equivalent rating from S&P, Moody’s, Fitch and AM Best. The Group generated premiums of over €17.5 billion in 2021 and serves clients in over 160 countries from its 36 offices around the world.

Media Contact:
Adrian Kaufman
[email protected]
(978) 440-0427

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