Modern Life launches new life insurance technology platform
Modern Life Insurance Group Inc, the technology-enabled life insurance brokerage for advisors, has announced the launch of its latest technology platform. The new stack provides a number of cutting-edge tools and solutions for advisors in the life insurance space. These include comparison and quoting tools, increased customer engagement, fully digital applications, and the facility to manage all client and brokerage needs in one place.
End-to-end life insurance brokerage platform launched by Modern Life
Launched in 2021, Modern Life is based in New York and reportedly streamlines the life insurance experience for advisors and their clients with comprehensive, end-to-end product offerings.
The insurtech focuses on empowering advisors by offering advanced technology solutions to digitally streamline advisors’ practices and expert brokerage support. With Modern Life, advisors nationwide can compare quotes from top carriers in minutes, perform data-driven underwriting assessments, manage clients from an integrated dashboard, and receive comprehensive deal support.
Creating a frictionless insurance experience for brokers
The rollout of its digital life insurance journey for financial professionals and their clients via a digital end-to-end experience means Modern Life is providing a multi-carrier, multi-product (e.g., permanent life, term life, long-term care) platform to empower advisors to provide high quality, objective advice and serve their clients throughout the life insurance process, without the hassle of legacy systems.
According to reports, the insurtech’s technology supports advisors across every stage of the life insurance purchase journey, from advice to application, to in-force management. The platform includes digital field underwriting leveraging data analytics to determine the highest value products for customers and unique, shareable digital intake forms to remove friction in the collection of client data.
Modern Life’s platform has also been optimised to provide accelerated underwriting, thus reducing the time from quote to policy approval.
Streamlining the insurance process through technology
Speaking about the new platform launch, Jack Arenas, Modern Life’s Co-founder and CTO, explained: "Our team has worked closely with industry experts, including a number of advisors, to build technology that streamlines the life insurance application process. We are excited by the early response to our technology and support from the industry and look forward to driving further innovation in the space."
Modern Life’s digital offering is supported by the firm’s leading brokerage team, whose members each boast an average of more than 15 years of life insurance brokerage experience.
Arenas added: "Our team has worked closely with industry experts, including a number of advisors, to build technology that streamlines the life insurance application process,” said Arenas. "We are excited by the early response to our technology and support from the industry and look forward to driving further innovation in the space."
