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It’s been a transformation of sorts for insurance, investments, and technology provider TruStage™ in developing its business concept for simplified life insurance products.
The journey began in 2012 when the company launched the TruStage consumer brand which is now the name of the company.
Expanding on work to reach underserved customers, making its products available via technology integration, the next step in the company’s process is to partner with other distributors to reach even more consumers.
Kevin Cummer, TruStage’s Director of Product Management, said the company designed the experience keeping in mind the middle-market consumer, those ages 25 to 64 with an income from $35,000 to $125,000.
“We’ve leaned into the use of digital technology along the way to enable many of those aspects of simplicity, whether it’s in terms of automated underwriting, online quote tools or digital marketing capabilities,” Cummer said in an episode of the Life Accelerated podcast.
A simple integration point for partners
Building on that foundation, TruStage’s Product Life Distribution team enabled partner distribution of its life insurance offerings by providing integration options that range from simple smart links to a whole, embedded consumer experience.
To simplify the partner’s experience the team fashioned a single layer to hide back-end complexities.
It provides a simple integration point for partners, further streamlining the customer experience of choosing and purchasing life insurance and making it quick, simple and easy to understand.
“However they’re connecting, it’s all in that one layer, and that’s where we keep it,” said Nick Rohan, Director of Partner Management at TruStage. “So as we add new, we’re just adding to that layer and not creating more and more integration points.”
We’ve leaned into the use of digital technology along the way to enable many of those aspects of simplicity, whether it’s in terms of automated underwriting, online quote tools or digital marketing capabilities
Kevin Cummer, TruStage’s Director of Product Management
TruStage, in collaboration with key partners, has developed a novel integration roadmap for a carrier with instant-issue products. This streamlined process, which was previously unavailable, includes consumer-friendly design and full integration from quote to application to document delivery.
“It’s about replacing that traditional home office underwriting process with an automated process that uses answers to the application questions and maybe some quick data pulls from some outside vendors that we partner with,” Cummer said.
“That allows us to provide a coverage decision while the consumer is still online or on the phone with a sales representative. That whole process from start to finish can take as little as five to 10 minutes, as opposed to the one- to two-month process that you would see with the traditional underwriting.” 1
Connection with customer maintained
The simplicity of integration also means partners can have the TruStage consumer life insurance experience running on their sites quickly.
It all resulted in a seamless connection for partners, providing them a dream scenario: an instant product with no manual off-ramps that allows them to maintain control over the consumer experience on their pages with strong products backing the sale. They keep the connection to the customer who came to them to begin with.
Ultimately, the goal of making life insurance more accessible to people is being accomplished, something that’s top of mind for everyone who works on the TruStage experience.
“There’s real peace of mind that comes with having the right life insurance coverage in place to protect your loved ones, and we try to really remind ourselves of that,” Cummer said. “We’re excited with the progress that we’ve made in leveraging technology to build these experiences, to really break down those barriers to life insurance ownership.”
1Liberty Mutual Insurance, 2022, January – October.
TruStage™ Insurance products and programs are issued by CMFG Life Insurance Company, MEMBERS Life Insurance Company and other leading insurance companies. The insurance offered is not a deposit and is not federally insured, sold, or guaranteed by any financial institution. Product and features may vary and not be available in all states. All guarantees are based on the claims-paying ability of the insurer. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.
Craig is a freelance writer and editor. He has toiled in various positions for various newspapers in Western Canada, including the Edmonton Journal and the Calgary Herald.
When he’s not busy fixing his home, you can find him experimenting with his slow cooker, finding the right grind (and coffee bean) for his AeroPress, reading fiction and non-fiction, mulling over director Ingmar Bergman’s works, and practicing his backward crossovers (both sides!) while ice skating.