SelectQuote, Symetra and Munich Re Life US Partner to Launch ‘SwiftTerm Select’, a Transformative Instant-Issue Term Life Insurance Product

OVERLAND PARK, Kan.--(BUSINESS WIRE)--
SelectQuote, Inc. (NYSE: SLQT) today announced a partnership with Symetra Life Insurance Company and Munich Re Life US to bring SwiftTerm Select^SM, a new instant decision¹ point-of-sale term life insurance product with competitive rates, to the SelectQuote platform. Beginning in the fourth quarter of 2022, qualified consumers ages 18-60 will be able to acquire up to $2 million of same-day coverage without a medical exam through SwiftTerm Select.

SwiftTerm Select will be sold exclusively through SelectQuote, a pioneer of direct-to-consumer insurance shopping since 1985 that has helped millions of consumers find the right life insurance coverage. The customized term life product will offer instant decision underwriting through alitheia, a Munich Re Life US platform. Policies will be issued by Symetra, a leader in annuities, life insurance and employee benefit products, and exclusively reinsured by Munich Re Life US, a leading provider of reinsurance and insurance-related risk solutions.

“We are committed to transforming the insurance buying and selling process through innovative product development, technology and strategic partnerships,” said Phil Williamson, Vice President of Business Development at SelectQuote. “We believe the future of life insurance is a combination of a digital and agent experience that seamlessly integrates real-time data with cutting-edge underwriting technology, providing consumers with high-quality choices at competitive prices.”

SwiftTerm Select reflects Symetra’s commitment to delivering insurance that’s fast, easy and affordable by offering both the agent and the consumer a simple and seamless term life insurance buying experience, going from the initial questionnaire to issuing a policy in as little as 25 minutes for qualified consumers.

“We are excited to partner with SelectQuote and Munich Re Life US on this custom offering. Empowering customers is at the core of why we built SwiftTerm Select, and SelectQuote’s combination of the digital and agent experience aligns directly with that mission. Together, with Munich Re Life US, we created an opportunity to expand our reach by making it even easier for customers to obtain term life insurance coverage,” said Mindi Work, Senior Vice President, Chief of Strategy at Symetra.

“Munich Re Life US is committed to developing tools and solutions our client partners need to grow their business intelligently. With alitheia, Munich Re Life US’s instant decisioning risk assessment platform, we are enabling carriers to modernize their customers' buying experience, without material impact to mortality results. We are excited to partner with SelectQuote and Symetra to bring SwiftTerm Select to market by leveraging the power of alitheia and Munich Re Life US’s deep risk assessment expertise,” said Adnan Haque, 2nd Vice President of Integrated Analytics at Munich Re Life US.

“The unique process, innovation and technology powering this new product are a testament to our three organizations coming together. We are excited about SwiftTerm Select and the positive impact it will have on the consumer’s shopping experience, demonstrating our mission of ‘We Shop. You Save’” said Ryan Souan, Executive Vice President, Life Division at SelectQuote.

Forward Looking Statement

This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

Our actual results may differ materially from those indicated in these forward-looking statements due to a number of important factors, including, but not limited to, the following: the ultimate duration and impact of the ongoing COVID-19 pandemic; our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions, including inflation; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and claims, including IP litigation; our existing and future indebtedness; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; and failure to market and sell Medicare plans effectively or in compliance with laws. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K that we have filed with the Securities and Exchange Commission, and our subsequent filings with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

About SelectQuote:

Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health, and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads.

With an ecosystem offering high touchpoints for consumers across Insurance, Medicare, Pharmacy, and Value-Based Care, the company now has four core business lines: SelectQuote Senior, SelectQuote Healthcare Services, SelectQuote Life, and SelectQuote Auto and Home. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a specialized medication management pharmacy, and Population Health which proactively connects its members with best-in-class healthcare services that fit each member's unique healthcare needs. The platform improves health outcomes and lowers healthcare costs through proactive engagement and access to high-value healthcare solutions.

About Symetra

Symetra Life Insurance Company is a subsidiary of Symetra Financial Corporation, a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers. For more information, visit www.symetra.com.

SwiftTerm Select is a term life insurance policy issued by Symetra Life Insurance Company, 777 108^th Avenue NE, Suite 1200, Bellevue, WA 98004. Policy form number is ICC22_LC1 in most states and is not available in all U.S. states or any U.S. territory.

Guarantees and benefits are subject to the claims-paying ability of the issuing life insurance company.

SwiftTerm Select^SM is a service mark of Symetra Life Insurance Company.

¹ Instant decisioning is available in most cases but each application drives the underwriting experience and results, with three possible paths to coverage: Instant Approval, Accelerated Underwriting, and Full Underwriting.

About Munich Re Life US

As one of the leading life reinsurers in the United States, Munich Re Life US partners with insurers to leverage smart and connected data, embrace new ideas and technologies, make confident decisions at speed and scale, and gain an exponential understanding of underlying risks. Munich Re Life US is well known in the industry as an innovation leader with extensive technical depth. Its optimized solutions and capital management expertise expand beyond market leading offerings in individual life, group, individual disability and living benefits reinsurance, to a global center for predictive analytics, automated underwriting, digital partnerships and standard-setting underwriting and medical capabilities. Munich Re Life US believes the digital economy offers an unprecedented opportunity for the life insurance industry to rapidly advance risk assessment and close the widening global underinsured gap.

Munich Re Life US, incorporated as Munich American Reassurance Company, is a subsidiary of Münchener Rückversicherungs- Gesellschaft Aktiengesellschaft in München (“Munich Re”). It has high ratings for financial strength from A.M. Best Company and Standards & Poors. Munich Re Life US serves clients throughout the United States from its two locations in New York and Atlanta.

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Matt Gunter
Communications and Investor Relations

SelectQuote, Inc.

[email protected]

O: 913.286.4931

Source: SelectQuote, Inc.