What would happen to your spouse or partner if you should pass away? Would they be able to pay the mortgage, afford childcare, or pay the tuition for the children’s education?
When families don’t have adequate life insurance coverage, they can easily fall into hard times, suffer increased anxiety, and worry more about their future. Two incomes are often necessary to provide for a family today, so if one partner passes away, the other usually experiences a decline in their standard of living.
While obtaining life insurance used to be a headache that could stretch on for weeks and require medical exams, a new online platform called iCover can assess your application and produce an offer in only five minutes.
“This is a groundbreaker for anyone who needs life insurance,” says Hari Srinivasan, founder and CEO of iCover. “You can get an offer that fits your budget in about the same amount of time it takes to make a sandwich.”
iCover is revolutionizing the way people buy life insurance
Have you ever tried to obtain life insurance but had to abandon the process because it was taking too long or it was too confusing? If so, you’re not alone. NerdWallet states that most people need to wait four to eight weeks before they can secure life insurance, but four to eight weeks is a long time, especially in today’s environment where most anything can be purchased online.
If you’re like most of today’s consumers, then you appreciate fast, intuitive online systems that enable you to conduct your business and purchase products or services in a few mouse clicks. Indeed, most consumers expect online interfaces like these. As Zendesk points out, “73 percent of customers now say CX is the number one thing they consider when deciding whether to purchase from a company. With interest in buying life insurance at an all-time high, a great online experience for insurance is no exception!”
Srinivasan and his team at iCover believe in providing the best online customer experience. It is essential to drive customer satisfaction, reviews, and referrals. And it is part of iCover’s mission to help people get covered. That’s why they designed the platform with this priority foremost in mind: fast and intuitive.
“When designing our application, we adopted best practices for surveys and polling,” Srinivasan says. “People tend to get frustrated and abandon their applications if the experience takes longer than five minutes. It is a moment of truth when a consumer uses our platform. We want them to have a delightful experience that delivers as promised. So that’s why we made sure our buying journey could be completed in five minutes max.”
Filling out an iCover application is fast and easy
“Traditionally, underwriting systems for life insurance have used follow-up questions to ask for more information when a prospective client discloses a medical condition,” Srinivasan explains. “These are called ‘reflexive questions’ in the industry. If someone says they have a certain medical condition, for instance, a series of up to 10 to 15 new questions can pop up, asking for every last detail.”
Customers are rightly annoyed by this unnecessarily protracted and probing process. “This is a problem not only because it bogs the whole process down for the consumer but also because it disincentivizes the person from being honest about their medical history,” Srinivasan says. “As a result, the traditional process has been self-defeating.”
That’s why iCover does not ask reflexive questions. “We designed our process to be as fast and simple as possible, so you’re never asked a follow-up question,” Srinivasan explains. “If you disclose a condition, all you’ll have to do is select your level of severity from a list of multiple-choice options. It’s a rapid approach that also produces more accurate and consistent results than the traditional method.”
Get an offer in only five minutes with iCover
Employing state-of-the-art AI algorithms to evaluate consumer responses and the data sourced for underwriting also lets iCover process your application in the blink of an eye.
“It’s called straight-thru processing,” Srinivasan explains. “Since the system can handle incoming applications automatically, the consumer doesn’t have to wait days for a response; we can present them with an instant offer at the point of sale.”
Protect your family with iCover
With the arrival of iCover, the life insurance industry will change forever. Americans can now expect a fast, simple application process that results in a life insurance offer in only five minutes. Visit iCover for a fast and accurate life insurance quote today to protect your family and preserve your happiness.
