InsurTech Spotlight: Nowly Insurance


Company: Nowly Insurance


Business Category: An insurance practitioner (insurer, MGA, broker, agent)

Maturity Status: Startup (less than 3 years since product went into production)

Product or Service: Digital-first, instant issuance term life insurance products

Area: Life & Health Insurance

nowly Insurance ( launched in Feb 2022 as a new division of Teachers Life. nowly leverages best-of-breed digital distribution platforms to deliver a full suite of simplified and underwritten term life products ranging from terms 10-100 renewable and non-renewable plans with up to $1M in coverage available. The moment a nowly policy takes effect, our customers (aka Members) get instant access to a wide range of complimentary digital wellness programs and rebates to help our Members ‘live nowly’. As well, a portion of our profits go back to our innovative social give back initiative, the Press Start CoLab program, which helps Canadian youth launch social enterprises into market addressing some of our nation’s most important challenges. Instant Coverage Now, Instant Benefits Now. Giving Back Now. Live nowly.

What makes us an InsurTech:

We have an end-to-end digital ecosystem from initial point-of-sale to back-end Member portal that is fully hybrid (self-serve or agent assist) powered by award-winning InsurTech ManageMy. All available on our Apple app. Full range of highly competitive term life products available from terms 10-100 across renewable and non-renewable options. Instant issuance for those that qualify. Streamlined underwritten process for those where more medical information is required. Coverage available up to $1M. Single sign on access for our nowly Members to all their value-add wellness platforms and rebates via our state-of-the-art Member portal. Off-the-shelf digital ecosystem that can be fully white labelled for distributors and be ready for market launch in 6-8 weeks.

Major features & technology used:

Simplified, instant issuance allows us to assess and approve in real time. Within minutes, nowly policies can be in force for coverage up to $1M and our nowly Members receive an invitation to download our Member portal app to access their policy documents and register for our complimentary digital wellness programs and rebate, al accessible through single sign on of the nowly Member portal. This entire streamlined digital ecosystem can be fully white-labeled for our distribution partners and launch into market within 6-8 weeks at a highly affordable cost with options for agent assist only, customer self-serve only and/or a hybrid of the two options Chatbot launching mid-year.

ManageMy’s award-winning customer experience platform is a cloud-based, no-code Software-as-a-Service solution that allows Insurers to create world-class digital journeys for insurance customers, agents, administrators – and just about anyone else that needs access to insurance and policyholder information. It’s product-agnostic and supports all parts of the insurance lifecycle, from quote and application, to fulfilment, servicing, claims and renewal. Insurers can configure products and journeys in real time using ManageMy’s dynamic data model, dynamic forms and dynamic workflows – taking IT development off the critical path and giving Insurers the power to create, manage and evolve their products easily and efficiently, delighting customers, agents and admin teams alike.

News & Updates

See the latest nowly news.

About nowly

nowly is a new way of thinking about insurance. Instant coverage now. Living healthy now. Giving back now. That’s living nowly. We provide Canadians affordable and instant insurance and living healthy benefits on an innovative and streamlined digital platform.

nowly is a division of Teachers Life Insurance, a Canadian Insurance company. Teachers Life is an established 80+ year Canadian life, disability, and sickness insurer, and is one of the largest insurance companies for education workers in Canada. We are federally licensed and regulated and have won awards for digital innovation. Teachers Life owns and operates nowly, which is our new, purpose-driven, digital-first brand for all Canadians.

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Source: nowly

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