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 Life Insurance Advisor
Area: Life & Health Insurance
PolicyMe is a new kind of life insurance company – one that is smart, honest & personalized. We provide a platform for customers to get life insurance advice in 5 minutes under a convenient and “pressure-free” environment. Once users get a recommendation, we help them compare policies & apply online, saving them money and hassle along the way.
What makes us an InsurTech:
Life insurance prices are high relative to the probability of death. Expected claims (policy pay-outs) only comprise about 50-70% of the premium paid. As a result, life insurance is not a great deal, but it’s a necessity for many families. We’ve built our algorithms on that very principle and produce recommendations that get consumers the protection they need, but not a penny more.
PolicyMe combines years of real-world insurance experience with big data to build a proprietary data-driven algorithm that provides honest and objective insurance advice. Our customer-first model details the exact amount of money your dependents would need, as well as the type of policy that would be most suitable based on a family situation (read: no upselling or overprotecting). We then find the most cost-effective way to fulfil this need by accessing and comparing prices across the top insurance carriers.
Following that, our straightforward, stress-free digital application process allows consumers to quickly submit an online application (via mobile, computer or tablet) for a life insurance policy without multiple face-to-face meetings with a broker.
With insurance ownership at a 50-year low, PolicyMe is poised to provide insurance access and education to a millennial generation who, studies show, are twice as likely to buy insurance online.
Major features & technology used:
- We have used advanced statistical techniques to develop a sophisticated and best-interest advice engine that goes far beyond the calculators the rest of the industry uses to assess customer needs. This ensures that the recommendations we provide are precise, and customers don’t need to buy insurance coverage that they don’t need.
- We have developed an omnichannel purchase experience that allows customers to receive quotes and purchase insurance across several online sessions and device, if they so choose.
- We also have implemented complex analytics capabilities to optimize the customer journey for our users.
Our technology is live at www.policyme.com.
PolicyMe is a digital insurance company that is making life insurance simpler and more affordable by revolutionizing an industry that has been historically slow to adopt technological change. PolicyMe uses modern technology to give smart, honest & personalized advice on the type and amount of life insurance users need, before allowing shoppers to compare products across trusted providers in the industry. Their straightforward, stress-free digital application process allows consumers to quickly submit an online application (via mobile, computer or tablet) for a life insurance policy without multiple face-to-face meetings with a broker.
PolicyMe is on a mission to make life insurance simpler and more affordable for anyone who needs it. You can take their free, automated life insurance check-up to get a personalized recommendation in less than 5 minutes at www.policyme.com.
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