Finding Your Perfect Match is No Longer Just for Dating Apps.
A startup’s approach to matching consumers to their perfect-fit life insurance.
There are a lot of things in life that are hard to choose: your life partner, what to eat for lunch, or what to wear to a formal affair. Thankfully technology has made great strides to help us choose what to wear, where to eat, and who to date. Thanks, Tinder!
Choosing insurance is another hard choice we have to make and it seems that there are plenty of options. A quick search on Google for “easy life insurance” returns thousands of hits.
Current State of Online Life Insurance
Once you dig in deeper however, the easy life insurance starts to get a bit more complex. The forms promise instant quotes but ask personal information most of us are wary of providing online: your name, phone, and email address. Why do they need that information? Will you be hounded by sales calls? At this point in the journey, you aren’t even sure if this is the company you want to go with.
Here’s an example of a form you get to fill out to see an instant quote. Before I started working in life insurance, I didn’t know what half of these fields were. Presumably if you already have life insurance and are looking to renew or to switch, this form makes sense. For a new life insurance customer, this form is not easy.
Perhaps the most disappointing part of finding the right life insurance is this misleading part of my experience. After filling out all the personal information and providing a new-patient equivalent intake form about my health and family history to see an instant quote, I got this:
At LeapLife, we’ve experienced first-hand how difficult and confusing getting life insurance can be. So we set out to change that. We build an easy-to-use online life insurance matching platform that provides good life insurance to anyone, regardless of their health, family history, or credit standing. We did this by tapping into the knowledge of top-performing life insurance agents in the country and by working with A and A+ rated life insurance carriers to bring their products online.
How Your Match Works
Life insurance is something that a person must qualify for and it is priced based on your age, build, health and other factors. To match you with a life insurance policy you are most likely to get approved for, we designed a set of general questions. Our technology analyzes your answers to this brief questionnaire and matches you with the best life insurance product.
There are several factors that weigh on your match. From interviewing people shopping for life insurance, we confirmed that price and convenience are the most important factors when shopping for life insurance, followed by financial stability of the life insurance provider and brand recognition.
Armed with this knowledge, our system picks the carrier that offers you the best price and the most convenient approval process. Depending on your answers, you can be matched with an online application with Assurity that offers instant application decision and an option to skip the medical exam.
You could also be matched to speak with one of our life insurance experts to go over your answers in further detail. This is often necessary if you take a long list of prescriptions, or have a complex medical history. Underwriting in these situations can vary greatly by carrier and each individual case, so we feel that going over these answers in detail puts you on the best path forward to get approved.
We also understand that term life insurance is sometimes not your best option and offer accidental death life insurance which is a fraction of the price, has no exam, and is a guaranteed approval once your payment clears.
Working with multiple life insurance carriers allows LeapLife to match you with what’s best for you vs what’s best for the agency. Of course, we still receive commission if you end up buying your life insurance policy through us but maximizing the commissions is not what drives your matching. Since our life insurance experts are salaried, there is no pressure to upsell you or sell you a product that’s a bad fit. We also don’t ask for any personal information until you’ve explored your options and decided to truly pursue getting life insurance through LeapLife.
We’ve barely scratched the surface to make life insurance a great experience for everyone and there are many more improvements we want to make. I hope you found this explanation of our matching technology helpful and invite you to try our product yourself at www.leaplife.com.
