Are you looking for an online life insurance policy but afraid the underwriting process will take forever? If so, then there’s good news: a groundbreaking new platform called iCover makes getting life insurance a snap.
Believe it or not, you can get an offer for life insurance coverage in only five minutes with iCover. That’s the same amount of time it would take to water the plants, unload the dishwasher, or do a few sun salutations.
What is iCover?
With the arrival of iCover, the life insurance industry will never be the same. Finding the right life insurance policy has finally become simple and easy.
The founders of iCover launched the service because they were fed up with the long waiting times and onerous processes involved in getting traditional life insurance. In today’s day and age, when one can shop, bank, and reserve rentals in a flash online, it seemed strange that life insurance was still stuck in an analog era.
“It’s an understatement to say people are busy,” says Hari Srinivasan, co-founder and CEO of iCover. “Many people don’t have the time to navigate a complex life-insurance purchasing process, but with today’s technology, the onboarding process can be streamlined to make life insurance more accessible to everyone.”
That’s exactly why the iCover team designed their platform to offer consumers a straightforward, intuitive, and — most importantly — fast method of investing in life insurance through the Internet.
How does iCover work?
The AI and machine-learning algorithms used by iCover can vet applications and conduct underwriting at lightning-fast speeds, which is how the platform can offer users a quote in only five minutes. According to Srinivasan, over 75% of applicants on the iCover platform enjoy straight-through processing, which means the automated systems are capable of handling their cases. Since users can move through the process rapidly, they can obtain a solid quote from top-notch insurers in the time it takes to make a grocery list.
“We offer the fastest digital experience in the industry,” Srinivasan says.
The system is also designed to avoid follow-up questions. “These tend to bog the process down and annoy people, so that’s why we got rid of them,” Srinivasan says. “We cut to the chase. Customers indicate any medical conditions they might have, and the system asks a single multiple-choice question about how severe it is. That’s it — there are no follow-up questions. As a result, more people can make their way through the application process and get their offer.”
For these reasons, iCover delivers superior customer service. However, those aren’t the platform’s only benefits.
Flexible life insurance for all
As Srinivasan explains, iCover also offers competitive rates and flexible options for life insurance. “We want to make sure everyone who wants life insurance can get a policy that works for them,” he says. “A lot of people are uninsured or underinsured, which means their families are unprotected.”
Indeed, according to an article in USA Today, only “52% of Americans have a life insurance policy. 30% of Americans say they need life insurance but don’t have it yet. More than 100 million Americans are uninsured or underinsured when it comes to life insurance.”
“That’s a real problem,” Srinivasan says. “Without life insurance, your family runs the risk of developing money problems at the very worst time, meaning they can fall into financial difficulties with long-term repercussions. Your kids’ dreams of college can evaporate, and some people even end up losing their homes.”
That’s why lenders often encourage people with mortgages to have a life insurance policy. As an article in What Mortgage explains, these policies can “provide cover for the value of the loan in the event of the policyholder’s death.”
Life insurance you can feel good about
When applying for life insurance through iCover, you can feel good about the options you receive because the platform partners with nonprofit coverage providers, not large corporations looking to boost their bottom lines.
“We care about social responsibility,” Srinivasan says. “Our mission is to have a positive impact on society. We want to help individuals, families, and their communities. That’s why it was important for us to work with nonprofit organizations, organizations that put people first.”
At iCover, acquiring peace of mind with a life insurance policy is just the beginning. Due to these partnerships, consumers also gain access to scholarships, discounts on prescription medications, and other exciting initiatives.
“Getting life insurance through us opens the door to a range of perks,” Srinivasan explains. “There are a lot of different ways to take advantage of these policies and make your life better.”
Protect your family with iCover
Srinivasan estimates that iCover DirectTM will launch nationwide in June 2024. If you are in the market for life insurance, it pays to try iCover DirectTM. The process is painless, and you’ll receive a competitive quote in minutes, but most importantly, your family will finally be protected.
