US InsurTech company eLife LLC has launched a life insurance offering called eTerm Express that is designed with an entirely paperless application and approval process.

US InsurTech company eLife LLC has launched a life insurance offering called eTerm Express that is designed with an entirely paperless application and approval process.

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The launch comes as eLife LLC says over 50m US households either do not have life insurance or do not have enough. It says this market segment consists of people typically needing from $100,000 to $500,000 of life insurance coverage.

Christopher Snyder, CEO at eLife LLC, said to date, the industry has been accessing these consumers using “antiquated products, outdated methods”, and manual underwriting processes with full medical exams.

Snyder said: "Our research shows this is why the middle market has been so difficult to penetrate."

eTerm Express is powered by a distribution platform incorporating electronic underwriting and straight-through-processing.

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Among the platform’s features are:

  • No lab tests, exams, APS or tele-interviews needed
  • Electronic underwriting engine including real-time interface to third party databases
  • Face amounts from $100,000 to $500,000
  • Applications approved in real time within minutes with multiple underwriting classes if qualified
  • Policies delivered instantly via "ePolicy Delivery" to qualified applicants
  • Online payment processing including checking, savings, debit and credit cards

Snyder added: “Our innovative platform boasts a vastly improved online user experience for insurance agents. Every step is automated and paper is eliminated.

“Using the eLife Platform, an application can be completed and the in-force policy electronically delivered in as little as 15 minutes."