Oliver Wyman Partner Farooq Sheikh recently connected with Dustin Yoder, Founder & CEO of Sureify, on the company's latest innovations
Customers are driving digital disruption in insurance. Today, in the industry, expectations are changing, and consumers want the same seamless experience they have when they order a meal, hail a taxi or book a hotel online. They are seeking innovative digital solutions with speed, ease of use and interactive engagement. The founders of Sureify a young Silicon Valley insurtech realized this opportunity and designed a single SaaS platform to transform how carriers connect with consumers. The goal was to put customers first.
Dustin Yoder, Founder and CEO, says Sureify is modernizing the life insurance and annuity industry with one enterprise platform. The technology emphasizes web and mobile distribution channels and helps companies to digitally service, engage, and sell to the prospective and current policyholder customers.
When developing the suite of products, Dustin and his team spoke directly to insurance carriers and consumers to gain an insiders’ view and clearly understand the needs and industry pain points. This helped Sureify build its three core Lifetime modules. The first, called LifetimeAcquire, was developed to enable the digital sale. Dustin says that insurers are transitioning from paper and pure agent to a need to sell digitally.
Carriers can use the LifetimeAcquire product to take applicants from the questionnaire to the contract, including defining underwriting questions, policy terms, risk and pricing. The platform provides one place to take action on massive amounts of policyholder data. Sureify’s solution also offers automated underwriting rules engines, that enable insurance carriers the speed and data to make precise risk assessment decisions at the point of sale.
IMAGE SOURCE: SUREIFY
The second component, LifetimeService allows customers to change their address, update their payment or change their beneficiary from the convenience of their mobile device. LifetimeEngage is the newest addition to the suite, which helps carriers easily keep a digital relationship with a wide range of customers (from thousands to millions of life policy holders)—including cross-selling and educating them on new products.
SUREIFY'S INSURTECH PARTNERSHIPS
The insurtech continues to grow its network and expand its offerings. Part of the secret sauce to Sureify’s success has been developing solid partnerships with data analytics (including IoT sensor data), life event prediction and customer service companies. For example, Sureify’s partnership with Atidot helps to generate actionable insights and insurance behavior modeling based on policyholder data. Hannover Re is both an investor and Sureify partner. The company’s automated underwriting system helps to make risk-adequate decisions at the point of sale. And in 2019, Sureify partnered with Lapetus Solutions, a science-based AI company that specializes in forecasting life expectancy. The partnership gives Sureify’s carriers access to facial analytics technology. Within minutes, policyholders can take a selfie, answer a few questions and receive a life expectancy prediction without medical exams or tedious paperwork. Ultimately, it can help policyholders assess their retirement plans.
SO, WHAT'S NEXT FOR SUREIFY?
Dustin says it’s all about helping customers determine what to do with data. “Machine learning and AI will become a major part of Sureify’s offering in which we can help the insurer see all of that data,” he says. “It’s going to be driven by insightful data layers with the AI on top to tell them why—whether it’s the click on the mobile device all the way to a backend third party data sources that provides insights.”