SBLI & Afficiency Inc. Announce Strategic Partnership
New Instant Issue and 100% Digital Term Products for Worksite and Retail Markets
Woburn, MA – SBLI and Afficiency Inc. announce a strategic partnership and the release of two new simplified issue term life insurance products – a retail and a worksite version – that allow consumers to easily purchase life insurance online.
These products offer coverage of up to $1,000,000 and are being made available to select distributors. They provide a 100% digital experience with no medical exam, phone calls, or offline appointments required to implement coverage, with a decision in minutes.
“This strategic partnership supports SBLI’s continued commitment to build diversification in both the product and distribution areas,” said Denis Clifford, Senior Vice President, Distribution. “The addition of these completely digital and in-session decision products opens up new growth markets for us. The SBLI experience of working with the Afficiency team has been excellent, and we are excited to bring these products to market via limited distribution partners, based on their ability to align on risk selection and to provide innovative consumer purchase experiences.”
“We are very excited about our partnership with SBLI,” said Mark Scafaro, CEO and co-founder of Afficiency. “Together we are able to accelerate product innovation and leverage a best-in-class underwriting and product delivery platform to serve the many distributors that are partnering with Afficiency to access life insurance products via an API.”
For more information on SBLI’s simplified issue term solutions, please contact Denis Clifford at dclifford@sbli.com.
About SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts):
For over 110 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.
About Afficiency:
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.
