Dundas Life makes life insurance more accessible in Canada
Dundas Life, a digital brokerage company is aiming to make life insurance for its customers in Canada more accessible by providing a way to buy life insurance online. Using a digital-first approach, Dundas Life plans to eliminate the “traditionally convoluted” process of buying insurance, which has turned consumers away and left them unprotected for the unexpected.
Gregory Rozdeba, Co-Founder and President at Dundas Life, believes the insurance buying process needs to be altered, with a digital platform helping to achieve that by streamlining the process from start to finish.
"The industry has failed to incorporate even the most basic of technology solutions that have been present in other industries for over a decade. Our mission is to make life insurance a reality for more Canadians by providing the most accessible information, expertise, and personalised service available anywhere", said Rozdeba.
How does Dundas Life’s online life insurance work?
The company says that through an online rate comparison calculator, customers can instantly get a quote, comparing rates across leading Canadian insurers. This ensures customers don't overpay for insurance and sign up for services they don't need, which is another common issue across the insurance industry.
“For those looking for more personalised service, Dundas Life allows customers to speak live with a licensed online advisor to help find the solution that best fits their situation.
Customers can fill out their life insurance policy application securely online to be reviewed by an advisor. The entire process from policy selection to completed application takes as little as 15 minutes”, the company said.
In case of a claim, Dundas Life advisors are there to help navigate the insurance claims process. The personalised service makes it easy to contact an advisor and get the claims process started quickly.
"In a world where almost anything can be purchased with a few clicks on your phone, we believe the insurance industry needs to catch up to the expectations of the modern consumer”, said Rozdeba.
Dundas Life works with top insurance carriers like Industrial Alliance and RBC who have a strong track record of paying out billions of dollars in claims.
SIMON Insurance expands its annuities platform
The New York-based insurance and annuities services company, SIMON, has announced the launch of its expanded annuities service via its new digital platform, called LiveWell.
The valuable annuity service is issued by the Midland National Life Insurance Company and administered by Sammons Retirement Solutions - a division of Institutional Group, as the first-to-market. More carriers are cited to join SIMON’s variable annuity marketplace over the next few months.
The move means financial professionals can now find and explore Sammons’ LiveWell Variable Annuity solutions, access product-specific marketing literature, and run powerful allocation and income analytics within the product—all directly within SIMON’s interactive platform.
Tax-deferred growth for the retired
According to reports, variable annuities are favoured by savings markets because they can help accumulate assets for retirement with tax-deferred growth. They also offer agile and flexible tax-free reallocations as well as optional death benefits for heirs.
Frequently used as part of a long-term retirement planning strategy for tax-efficient growth, VAs are now available in SIMON’s Marketplace alongside fixed indexed annuities, fixed annuities, and structured annuities.
The SIMON annuities platform also provides financial professionals with centralised access to the tools and resources they need to analyse marketplace products based on their clients’ risk profiles and investment horizons.
The platform also allows investors to:
- Explore various rider illustrations
- Leverage powerful allocation analytics
- View fund options and their performance statistics
- Dive deep into the historical performance of allocations and funds
Speaking about the launch of LiveWell, Melissa Scheuerman, VP of Business and Sales Development at Sammons, explained, “Everyone seeks custom solutions today—from news feeds on our cell phones to grocery delivery services, and retirement planning is no different. Products need to offer flexibility, and professionals need intuitive tools at their fingertips to analyse and manage products that offer that flexibility.
“Our partnership with SIMON illustrates a commitment to offering scalable annuity solutions to professionals serving a growing population of retirees.”
Scott Beshany, Chief Distribution Officer at SIMON, added, “With game-changing analytics for this product class, variable annuities are a natural new addition to SIMON’s product lineup. Our Marketplace is now able to deliver a more holistic product experience, and we look forward to driving a better, more powerful VA product experience for financial professionals.”