Sagicor Life Insurance Company has formed a strategic partnership with insurtech Vida Life to offer a new life insurance purchasing experience to customers.

Under the partnership, the companies will offer income tax-free life term protection through a direct-to-consumer mobile insurance platform.

The new offering, which can be applied online, is designed to help customers to get personalised quotes and receive a decision in minutes.

Sagicor president and chief operating officer Bart Catmull said: “This partnership supports Sagicor’s continued commitment to innovative life insurance products that are easily accessible to our family, friends, and neighbours.

“With Vida’s advanced relationships in the Hispanic community and Sagicor’s solutions, we have a unique opportunity to continue to provide growth and protection to our customers in a very under-served market.”

The new life term protection offered by the companies eliminates the need for medical exams with a set of health questions that can be filled online. Additionally, it is claimed to offer quick benefit payouts.

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Vida co-founder and CEO James Juarez said: “They met the criteria we were looking for in a partner — a full-service life insurance company, a history of trustworthiness and strength, and a commitment to offering customers world-class service with integrity and value.

“Coming from a multicultural background, we felt that this partnership would help ensure wealth and prosperity in the Hispanic community as well as all cultures.”

Earlier in 2017, Sagicor selected Insurance Technologies’ sales platform to allow users to obtain a quick quote and apply for life insurance plan in minutes.