Toronto-based ivari Canada ULC has teamed up with Specialty Life Insurance (SLi), a subsidiary of Insurance Supermarket Inc. (ISI), to launch a new lineup of simplified and guaranteed life insurance products that will be sold through independent advisors with the help of technology.
The new policies are issued on the basis of a series of health questions and can be issued in as little as 24 hours. The products aim to cater to consumers looking for an accelerated approach to purchasing life insurance as well as those who are hard to insure.
Advisors can help clients apply for the products using ISI's electronic application, called "iApplication," on their tablet or PC. The app also provides advisors with tools for generating quotes and managing client appointments.
"This is an exciting joint initiative for ivari," says Doug Brooks, president and CEO of ivari, in a statement. "We're expecting significant innovation in the future. Our partnership with SLi will support the development of innovative products designed to serve all Canadians and delivered utilizing technology that redefines the consumer experience."
ISI is a Toronto-based insurance brokerage with a business model that combines technology with face-to-face advice. In addition to its mobile app, the firm operates a proprietary technology platform called iAgent, which connects consumers who are seeking life insurance with advisors.
ISI launched SLi last year, as a wholly owned subsidiary dedicated to the distribution of simplified products.
"Since 2010 we've met with thousands of Canadians and worked with several insurance companies, and we saw a huge need for a new generation of products," said Alex Dudarev, CEO of the ISI Group of Cos., in a statement. "So, in 2016 we created SLi to bring products to Canadians that are much easier to both understand and to purchase."
The new simplified products provide coverage ranging from $1,000 to $300,000 for clients between the ages 18 and 70, and up to $150,000 in coverage for clients between the ages of 71 and 79.
The guaranteed products provide coverage of up to $50,000 for clients between the ages of 40 and 79.
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