SelectQuote has teamed up with Symetra Life Insurance Company and Munich Re Life US to launch an instant-issue term life insurance offering, SwiftTerm Select.
The point-of-sale customised term life product, being sold exclusively via the SelectQuote platform, provides instant decision underwriting through Munich Re Life US platform alitheia.
Munich Re Life US integrated analytics 2nd vice-president Adnan Haque said: “With alitheia, Munich Re Life US’s instant decisioning risk assessment platform, we are enabling carriers to modernise 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.”
Starting fourth quarter of 2022, eligible consumers between 18 and 60 years of age can use SwiftTerm Select to buy up to $2m of same-day coverage.
Symetra will issue policies that are exclusively reinsured by Munich Re Life US.
Symetra chief of strategy senior vice-president Mindi Work said: “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.”
SelectQuote offers solutions that help consumers protect their families, health, and property.