SelectQuote has announced a partnership with Symetra Life Insurance Company and Munich Re Life US to bring SwiftTerm Select, its new instant decision point-of-sale term life insurance product, to the SelectQuote platform.
SwiftTerm Select will be sold exclusively through SelectQuote, the customised term life product offering instant decision underwriting through alitheia, a Munich Re Life US platform. Policies will be issued by Symetra and exclusively reinsured by Munich Re Life US.
Phil Williamson, Vice President of Business Development at SelectQuote, commented, “We are committed to transforming the insurance buying and selling process through innovative product development, technology and strategic partnerships.
“We believe the future of life insurance is a combination of a digital and agent experience that seamlessly integrates real-time data with cutting-edge underwriting technology, providing consumers with high-quality choices at competitive prices.”
Beginning in the fourth quarter of 2022, qualified consumers ages 18-60 will be able to acquire up to $2 million of same-day coverage without a medical exam through SwiftTerm Select.
Mindi Work, Senior Vice President, Chief of Strategy at Symetra, added, “We are excited to partner with SelectQuote and Munich Re Life US on this custom offering. Empowering customers is at the core of why we built SwiftTerm Select, and SelectQuote’s combination of the digital and agent experience aligns directly with that mission.
“Together, with Munich Re Life US, we created an opportunity to expand our reach by making it even easier for customers to obtain term life insurance coverage.”
Adnan Haque, 2nd Vice President of Integrated Analytics at Munich Re Life US, also noted, “Munich Re Life US is committed to developing tools and solutions our client partners need to grow their business intelligently.
“With alitheia, Munich Re Life US’s instant decisioning risk assessment platform, we are enabling carriers to modernize their customers’ buying experience, without material impact to mortality results. We are excited to partner with SelectQuote and Symetra to bring SwiftTerm Select to market by leveraging the power of alitheia and Munich Re Life US’s deep risk assessment expertise,”
