Great-West Life, London Life and Canada Life launched an online application for their term 10 and 20 products. The application can be completed, on average, in 20 minutes and even as fast as 10 minutes, say the insurers.
Called SimpleProtect, the new application aims to be easy to use for advisors. For example, the number of underwriting questions has been reduced from more than 50 to 16-20.
Currently, SimpleProtect only supports applications for term 10 and term 20 policies for coverage of up to one million dollars.
Developed in a digital lab
“SimpleProtect was built by advisors, for advisors,” said Katrina Lee-Kwen, Senior Vice-President, Product and Customer Experience, Great-West Life, London Life and Canada Life in a March 12 announcement. “Having been developed in our digital labs, advisors have been engaged from the beginning and will continue to play a vital role in steering the evolution of the application.”
Lee-Kwen explains that digital labs bring together employees from different sectors of the business and various experts. They focus on one priority at a time in developing solutions for advisors. The team carries out tests and gathers observations; enabling it to make autonomous decisions.
In an interview with Insurance Journal, Lee-Kwen said that the platform will evolve. “We plan to improve the functionalities and usability over time, like how it can be used in more situations.” The solution currently only allows for single life situations, not joint cases. Including more products on the system is also on the radar, she adds.