As the application process is carried out online, consumers will also be able to find out if they have been accepted for coverage almost immediately.

The platform offers term-life insurance with coverage from 10 to 40 years, providing face amounts of anywhere up to $500,000. The Invisor COO is confident this product will gain traction in the insurance space. That’s our competitive advantage and we will continue to leverage that and look for partners like the larger insurance companies who would value that.” “We can respond quickly to feedback from clients and partners and make changes in minutes rather than production cycles that take weeks or months. “This has piqued their interest for sure,” he says. The product will be underwritten by the Teachers Life Insurance Society and has already attracted the attention of the industry giants, reveals Poole. Last week the company launched Invisor TermLife Insurance, the first digital insurance offered by a Canadian robo-advisor. Invisor, the robo-advice platform founded in 2014 by Pramod Udiaver and Dan Poole is one such example. That isn’t the case for the industry’s disruptors, start-ups that are fleet or foot and can change direction much easier than a huge institution like a Manulife or Great-West. It’s an ongoing issue for the industry but there are clear signs of progress – the rise of simplified issue insurance is clearly reflective of a drive to make insurance easier to purchase.Įnhancing digital capabilities is another priority for the major providers, but that’s a process that takes time. People are either confused by insurance policies or put off by the application process, which means foregoing coverage in many cases. Countless hours are spent researching why life insurance rates are declining across North America, and education and convenience are two topics that usually come up. The life and health insurance industry is constantly searching for ways to make products more accessible for everyday consumers.

Invisor underwriting