EXTON, Pa. – Lincoln Financial Group and iPipeline on June 6 announced the launch of a new fully electronic term life insurance product – Lincoln TermAccel® Level Term, a new product that simplifies the buying experience, offers streamlined underwriting opportunities and leverages e-Delivery.
It’s a move that all carriers need to make, according to Michael Persiano, CMO of iPipeline, a leading provider of cloud-based software solutions for the life insurance industry.
“[Carriers need to] design new products that are easy to understand, digitally manage sales, and support ‘lab free’ underwriting,” Persiano said. “This is the only way to tap into the largest, most underserved segment of the marketplace: the Millennial mass youth market.”
Lincoln TermAccel Level Term incorporates iPipeline’s enhanced iGO® Drop Ticket (electronic short form) and DocFast® e-Delivery solution to help speed the issuance of policies. A release announcing the new product states TermAccel offers younger-age clients and those in need of lower face amounts affordable protection and the potential to qualify for “lab-free” underwriting.
TermAccel is now accessible to advisors through Lincoln’s website portal or the iGO® platform for iPipeline customers.
“Tapping into the underserved middle market is an ongoing challenge for today’s insurers. First-time Millennial and tech-savvy Gen-Xer buyers are seeking convenience and speed, so the selling and buying of insurance must become a painless exercise,” said Tim Wallace, CEO, iPipeline. “Lincoln Financial’s bold move to create a next-generation product sold through a completely electronic process using iGO Drop Ticket signals a shift in how agents sell and consumers buy. By integrating this process with the potential for ‘lab-free’ underwriting and leveraging DocFast for e-Delivery, I expect Lincoln to experience substantial speed-to-market advantages and draw the interest of consumers seeking a better way to purchase products. I applaud Lincoln’s bold approach to designing and selling TermAccel.”
A June 6 article in The Philadelphia Inquirer about the launch said the product was developed to specifically and more efficiently target customers in their 20s and 30s, and is aimed at reducing the turnaround time from perhaps 45 days to less than two weeks, in a digitally enabled, comfortable buying process.
Up until now, "Lincoln has been focused for life insurance in the upper affluent market. This allows us to go into the mass market for Millennials and Gen X," said Heather Milligan, Senior Vice President, Underwriting & New Business, Lincoln Financial Group. The process includes a relatively brief phone interview.
“As part of Lincoln’s commitment to helping individuals achieve their financial goals, we continuously look to deliver innovative products, such as TermAccel, that help advisors serve the specific needs of specific markets,” Milligan said. “We also optimize the use of digital technology and underwriting best practices to simplify the selling, buying and delivery process. Through collaboration with leading providers such as iPipeline, we are able to enhance the experience for both the advisor and client, leading to favorable outcomes for all parties.”
To learn more, visit www.ipipeline.com.
- Millennials' love/hate relationship with insurance
- Glad you asked: The 5 most important things to know about life insurance
- "Do-It-Yourselfers" not as capable as they think at managing finances
- Carriers using simplified issue to tap into uninsured market
- May's Disability Insurance Awareness Month campaigns focus on younger working adults; small business owners
- 5 reasons to immediately ramp up your efforts to recruit female advisors
- Med Supp market sees 6% growth in 2016 according to new data
- Consumers want simple, transparent life insurance buying options: 2017 Insurance Barometer Study