This month, Quility introduced an end-to-end digital life insurance platform, Navigator.
Created by industry experts, the free distribution marketplace is intended at delivering a comprehensive location that aids agents in quoting and selling insurance.
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The product selector and quoter tools of the platform comprise pre-underwriting systems for choosing the precise insurance solution tailored for each customer.
Agents will also have access to exceptional commission rates and complete access to Quility’s product line.
Quility SVP Chase Allen spoke to LII about the insurtech’s recent developments.
Who is the target for the new line of products? When did the firm realise that this gap was there to be filled?
Something that has been readily apparent for several years now for anyone who was paying attention to our industry was that life insurance in general had become way too cumbersome and complex for both the agents that are trying to sell it and the consumers who are needing and wanting to purchase it to protect their families.
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By GlobalDataWith that problem in mind, and plenty of research to back up our assumptions, Quility has made large investments into bringing affordable, easy to obtain life insurance products to our customers by working closely with our technology and carrier partners. Within the last two years alone, we have delivered two different term and multiple final expense solutions to the market that allow for a completely digital underwriting experience that results in instantaneous underwriting decisions – meaning the clients applying for that coverage will know immediately after applying whether they qualify for that coverage or not.
Soon to follow are industry first permanent (indexed universal life, etc…) product offerings that are instant issue as well. The real differentiator though is our proprietary underwriting platform that keeps agents and applicants from wasting their time in the first place by utilising intelligent underwriting paths to guide agents in real time to the most likely options for carrier approval based on the client’s exact health or financial situation – resulting in far better placement rates for agents and a positive experience for the customer.
Who are your competitors?
Quility really is in a very unique position in that we have and will continue to invest heavily in insurtech to ensure that we are offering not only the best products, but a platform environment that provides the path of least resistance to get the insurance placed – all combined with being first and foremost an actual IMO/BGA that understands and has a proven track record in the business that was built on the experiences of thousands of agents both in our Symmetry Financial Group network as well as our external B2B customer base who we support everyday with building their own agencies. This holistic business model allows Quility to not just be an insurtech or just be an IMO or BGA, but rather take a blue ocean approach that can serve and bring advantages to insurance agents that others just can’t.
What are your targets for next year?
As we are constantly evolving in our technology and product offerings, our mission and target remains the same: To modernize how insurance is both bought and sold. We will continue to invest in and improve our comprehensive digital insurance platform, which is already highly adopted by thousands of agents across the country, and expand out the offerings for those agents by providing a complete path of support through the client journey. This includes everything from acquiring quality leads, nurturing those leads with automation and multi-channel communications, and ultimately delivering the client through an awesome fulfillment experience to seamlessly provide the right coverage for them at the right price for their highly specific situation. We will continue to deploy more industry-first digital products into next year and beyond which we’re very excited to make available to the market.
