Newsweek Interview with CEO James Hohmann – Vericity’s Life Insurance Innovation Clears the Way for Everyday Americans

Newsweek’s recent interview of CEO James Hohmann highlights the innovation and pioneering technology that help Fidelity Life make life insurance more accessible and affordable to middle-market Americans. Read the full interview below and visit the article online at https://www.newsweek.com/sponsored/vericitys-life-insurance-innovation-clears-way-everyday-americans.

Technology is changing the way we live. In the insurance industry, it is helping middle-class Americans get immediate life insurance coverage no matter the circumstance. Through a seamless process created and patented by the pioneering insurance technology (insurtech) firm Vericity, more and more everyday Americans are experiencing instant gratification when seeking life protection.

“One of the challenges in life insurance, particularly in the United States, is that the underwriting process can be prolonged and unlike the instant gratification that many consumers experience when they buy tangible goods on Amazon or another platform,” said James Hohmann, CEO of Vericity. “Submitting so much information and then waiting to see whether you qualify for the purchase can be a frustrating experience.”

Vericity is a full-stack insurtech. It provides direct-to-consumer life insurance policies through subsidiaries Fidelity Life, which manufactures and services life insurance products, and eFinancial, a call-center and digitally enabled provider that markets and distributes the products of Fidelity Life, affinity partners and other third parties. Leaders in the direct-to-consumer space for more than 20 years, Fidelity Life and eFinancial have been focused on making life insurance more accessible and affordable to middle-market Americans.

“It’s the right thing to do,” Hohmann said. “There’s a more acute need in this market than in any other segment, so we reach out to everyday Americans with an affordable solution that’s simple, fast, and easy.”

Through Vericity’s omnichannel platform, more than 100,000 applications are submitted annually. Aside from the smartphone-friendly digital platforms of Fidelity Life and eFinancial, consumers can access life insurance options through eFinancial’s call centers. Possessing one of the insurance industry’s larger call center networks, eFinancial has offices in Seattle, Chicago and Tempe, Arizona, where customers in all 50 states can experience the step-by-step guidance of a licensed telesales agent.

At the core of Vericity’s accelerated underwriting is artificial intelligence-enabled modeling that determines a customer’s risk profile and informs the coverage options, including whether the consumer begins with comprehensive coverage or a blended coverage. With its predictive analytics and machine learning capabilities, the company uses its end-to-end data to inform product development, manufacturing, marketing, and the customer journey to product placement.

“We’ve accumulated a lot of data and we use it to perfect our business models so we can reach consumers on their terms and provide the coverage they need,” Hohmann said.

This is a vast improvement from conventional approaches, where life insurers only issue temporary insurance or a conditional receipt rather than a policy. With a conditional receipt, insurance coverage is subject to full underwriting and adjusted or forfeited upon discovery of a serious health condition. Vericity, on the other hand, outrightly offers split coverage through its patented RAPIDecision Life product, which immediately places a blend of accidental death and all-cause coverage. Once a favorable underwriting assessment is obtained, the coverage automatically upgrades to 100 percent all-cause life insurance. In many cases, further underwriting can be waived right at the point of sale. Through RAPIDecision Life One, which is currently offered to Progressive Insurance customers under an affinity partnership with Fidelity Life, coverage can be as short as one year and may be renewed as often as the customer desires.

“RAPIDecision Life is a very good fit for our middle-market consumers,” Hohmann said. “It’s a direct-to-consumer placement that balances risk assessment and the consumer experience extraordinarily well.”

Vericity is keen on expanding its strategic partnerships and affinity business by cross-selling with trusted companies, associations, and other organizations. Leveraging branded relationships can help reach a larger segment of middle-class Americans who are traditionally underinsured or not insured at all.

“We have a vision to serve middle-market consumers, and a track record to match. Our success has been fueled by continuous learning, innovation and disciplined evolution.” Hohmann said.

www.vericity.com