Broker World

SBLI, Afficiency Inc., and Quility Insurance announce a strategic collaboration and the release of a new simplified issue term life insurance product that allows consumers to easily purchase life insurance online.

Quility Level Term Insurance, issued by SBLI, includes a maximum coverage amount of $1 million with level premiums throughout the policy term. Included within the policy is a charity rider that allows the client to select a charity or non-profit of their choice as a partial beneficiary of their policy, in addition to three other valuable riders.

“This strategic partnership aligns with SBLI’s objective to expand upon our product and distribution areas,” said Denis Clifford, senior vice president, Distribution at SBLI. “The addition of these innovative digital products opens new growth markets for us. We are thrilled to launch them through distribution partners and to continue to support innovative consumer purchase experiences.”

”We are so happy about this valuable collaboration with SBLI,” said Mark Scafaro, CEO and co-founder of Afficiency. “Our partnership combines efficient product innovation with an accelerated digital scope to help our partners and distributors access life insurance products via API.”

With these new products, clients can apply online from the comfort of their home through a simple, digital process and receive their new policy in just minutes. The application is also available for Quility’s nationwide team of licensed life insurance agents to introduce to their clients.

“Leveraging Afficiency’s enhanced data and machine learning platform, we will enable Quility’s vast array of agents, clients and carriers with smarter and better choices. The impact will be revolutionary,” said Mark Palmer, Quility’s chief strategy officer.

For more information on SBLI’s simplified issue term solutions, please contact Denis Clifford at dclifford@sbli.com.

For nearly 115 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.

Afficiency is an insurtech company making life insurance easier to understand and even easier to purchase. Afficiency has 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. The team has also been working with some traditional and new distribution channels to deliver these products.

Quility uses innovative and proprietary technology to modernize the process of qualifying for and purchasing life insurance. The Quility digital platform offers clients the option to apply for life insurance online through a ten-minute application with the support of a licensed insurance agent. To learn more, visit http://quility.com.

OneAmerica® launched its second virtual speaker series, Leading Tomorrow with OneAmerica, this June. The webinar series features thought leaders who will speak on important topics in the financial services industry and today’s workplace.

The season kicked off with author Jeff Bush of The Washington Update^® on June 10. Kim Thomas and Wendy Dukes of OneAmerica presented on July 15, and Jermaine Davis of St. Kate’s University followed on Aug. 12. Dr. Monica Williams, emergency medicine physician in one of the country’s largest emergency departments, will present on Sept. 9. Next, Tina Thomas of the Alzheimer’s Association will speak on Oct. 14. Deborah Shames and David Booth, co-founders of Eloqui, will present on Nov. 11. To round out the sessions, on Dec. 9, the Executive Council of OneAmerica will finalize the series with a Town Hall session. Each of the presentations will begin at 2 p.m. EST. Register at https://pages.oneamerica.com/LeadingTomorrow2021 to attend.

“Our lineup of speakers will deliver smart and inspiring presentations on a wide range of topics to educate and engage financial professionals,” says Mark Scalercio, senior vice president for Individual Life and Financial Services at OneAmerica. “In our industry, relationships have never been more important. As another exciting speaker series is underway, we’re confident these sessions will position you to develop more meaningful and lasting client relationships.”

OneAmerica carefully selected this exclusive lineup of thought leaders to inform and inspire financial professionals in helping clients prepare for life events. Those in the industry can expect to gain insights on the current marketplace and get cutting-edge ideas on how they can create authentic relationships with clients and grow their business.

Bush worked in the financial industry for more than 30 years. Now he is a keynote speaker and author, often appearing on CNBC. He is an integral part of The Washington Update, serving as a nonpartisan expert on all things Washington, D.C. Bush shared what he knows of the latest tax and fiscal information and how to use this intel to create business growth.

Thomas and Dukes lead diversity, equity and inclusion at OneAmerica and co-presented on “Managing Conscious & Unconscious Bias.” They shared how diversity, equity and inclusion enhances the workplace, marketplace and community, as well as how conscious and unconscious biases can impact decision-making.

Davis specializes in helping individuals, teams and organizations develop healthy work environments. As an expert on teaching leaders how to best communicate, Davis presented “Communicate Courageously” to help financial professionals develop and strengthen authentic relationships with clients.

As an international author, keynote speaker and board-certified emergency physician, Williams is a leading advocate for advanced planning. Williams will discuss in her presentation “You’re the Doctor Now: Guidance for Graceful Endings,” the ways in which families can prioritize long term care planning. Williams will share her firsthand knowledge about proper planning, personal stories being on the front lines and how advanced planning tools can help.

Thomas will give attendees “A Better Understanding of Alzheimer’s Disease and Dementias.” As the senior director of Programs and Services for the Greater Richmond and the Central and Western Virginia chapters of the Alzheimer’s Association, she understands the worries the disease brings to families and its financial impact. In this educational webinar, she will discuss warning signs and how to support older adults who are experiencing memory loss.

Shames and Booth will copresent “Pitch to Win—Virtual Victory,” how financial professionals can be better communicators and presenters in an increasingly digital world. They will provide best practices on customizing pitches to each client—ultimately winning their business.

Finally, members of the OneAmerica Executive Council will wrap up the speaker series in December, closing out 2021 and looking ahead to 2022. They will share how OneAmerica differentiates itself in the marketplace through its focus on relationships.

The series is brought to the public through Care Solutions, offered through OneAmerica Individual Life and Financial Services (ILFS). Other entities referenced are not affiliates of the companies of OneAmerica unless otherwise noted.

A national provider of insurance and financial services for more than 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset-based long-term care solutions and employee benefit plan products. Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources who are committed to providing value to customers. To learn more about the products, services and the companies of OneAmerica, visit http://oneamerica.com/about-us/companies-of-oneamerica.

SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) recently selected MIB Group, Inc., as their primary electronic medical data vendor. SBLI made the selection following a pilot that involved a variety of strategies to streamline the underwriting process to enhance and expedite the experience for both customers and agents by leveraging electronic health record (EHR) data rather than traditional APS records.

MIB is one of the life and health insurance industries’ most trusted and secure resources for data-driven risk management services. The use of their electronic medical data service, with the enhancements they have recently announced, will greatly benefit SBLI’s relationships with BGAs and other clients. These will include:

• Increased data access: The addition of new and exclusive data sources to infuse the growing release rates.
• Broader data collection options: New data selection methods, such as the Patient Portal, that allow clients to select retrieval options that best support existing or new workflows.
• An APS retrieval option: Allows clients to systematically reflex to a traditional APS when no electronic record is found. SBLI is in the process of contracting and implementing this retrieval option.

This type of innovative and seamless technology partnership is a significant step toward building a modern, digital sales process that enables the level of service consumers demand and enhances the overall experience for SBLI agents and customers.

“MIB provides superior customer service for the electronic medical data platform. We have seen a noticeable growth pattern since we began using the platform in May of 2020, with an increase of information contained within the records that allow us to frequently provide an underwriting decision without the need for additional medical requirements,” said Brian O’Connell, vice president and chief underwriter at SBLI. “We are looking forward to growing our digital capabilities within the underwriting department, and the MIB Medical Data Solution and vision complement our internal growth strategies.”

“Electronic medical data is a crucial requirement to help insurers like SBLI build efficiencies and create a better customer experience,” said Andrea Caruso, executive vice president and chief operating officer at MIB. “SBLI has been a valued MIB Member since 1973 and we are very proud to have them select us to help advance their digital journey.”

For nearly 115 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, they offer dependable protection at a fair price.

MIB Group, Inc. is the insurance industry’s most trusted and secure partner for data, insights and digital solutions that support underwriting and actuarial decision making and improve industry efficiencies. With deep connections to the life insurance companies who are its members, and a sole focus on improving the insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably. For more information about MIB, visit www.mibgroup.com.