Instant Life is the only life insurance company that boasts a complete online application process. The online applications and underwriting can be completed in just 20 to 30 minutes. This underwriting technology enables Instant Life to price its product aggressively by eliminating many costs. Furthermore, it does away with medical examinations for policies worth up to
"Improving upon the traditional broker model, Instant Life employs a multi-channel approach that makes policy application more efficient, expeditious, and appealing," said Frost & Sullivan Best Practices Programme Manager,
There are 55,000 combinations of questions that are generated based on the answer to the previous question. Potential customers will be sent a policy document via email immediately after the questions are satisfactorily answered and the risks are accepted. Instant Life also presents Medical
"With an already established customer base of 15,000, Instant Life targets the 'missing middle' customer segment comprising 35- to 45-years olds who are underserviced by brokers and financial advisors," noted de la Mare. "Instant Life also targets customers, such as small business owners, professionals, and wealthy people, living in very small towns. This missing middle is estimated to number 5 million."
Additionally, the company is looking to disrupt the life insurance industry by providing wearable devices to its FitLife Cover policy holders. These customers can obtain discounts by sharing the number of steps taken and the number of hours slept each day. They are encouraged to use Instant Life's FitBit activity tracker for six consecutive months to avail a 15% reduction in premiums. This way, Instant Life encourages healthy living in addition to easing the process of purchasing life insurance policies.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About Instant Life
Instant Life set out in 2008 with the goal of using the latest technology to deliver life insurance products that offer clients peace of mind, simplicity, and value for money. Because it runs on efficient digital systems, Instant Life is able to offer customers savings of up to 30% of their premiums as well as generous cash benefits. Customers can buy life cover and have their policies issued in under 20 minutes with no need for a medical examination. Instant Life's Fitlife Policy comes with a Fitbit Flex™ Activity Tracker, offering discounts to users who simply track and share their activity for six consecutive months. In addition to offering convenience 24 hours a day, 365 days a year, Instant Life also gives customers access to a well-trained support team who can answer their questions about its life insurance products. Instant Life's products are underwritten by
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