Driven by a proprietary machine learning-based algorithm, the new life settlement tool has the potential to unlock billions of dollars for retiring seniors
AUSTIN, Texas, March 30, 2022 /PRNewswire-PRWeb/ -- Harbor Life Settlements, today announced the launch of its new "My Policy Predictor" tool, designed to provide key life settlement stakeholders, including policyholders, insurance agents, and financial representatives, with instant life settlement valuations for life insurance policies, with up to 89.2 percent accuracy. The team at Harbor Life developed this tool to help people immediately understand the value of their life insurance policies on the secondary market and raise further awareness that life insurance is an asset people can sell.
"Harbor Life's new "My Policy Predictor" fills a critical technology gap in the life insurance industry. We know around $200 billion in life insurance that could be sold will lapse or be surrendered each year [1]. This tool was designed to help people understand their life insurance carries value outside of the death benefit and prevent them from throwing away their assets," said Lucas Siegel, founder and CEO of Harbor Life Settlements. "Much like the automotive industry has Kelley Blue Book, now the life insurance industry has the "My Policy Predictor"."
Created by a team of mathematicians, actuaries, and artificial intelligence (AI) developers, this first-of-its-kind calculator is powered by a machine learning-based algorithm that was developed using data from thousands of real life settlement transactions.
"There has never been an accurate, data-driven way to instantly predict the resale value of a life insurance policy until now. Developing an AI-based tool of this size has been challenging, but it has also been a worthwhile endeavor to create something that can help millions of seniors have the retirement they deserve. I believe people have the right to know the value of their assets so they can make the best financial decisions for their family, and this technology was designed for exactly that." Siegel adds.
The tool's algorithm uses personal, health, and policy information about the insured to provide the end-user with a comprehensive report that includes the estimated policy value on the secondary market and a life settlement reinvestment analysis. The reinvestment analysis is designed to further assist in evaluating the cost of maintaining a life insurance policy to receive the death benefit versus cashing the policy out via a life settlement and reinvesting the proceeds.
There are three versions of the calculator, one for policyholders, financial professionals, and bulk uploaders. End-users who want to assess policies one at a time for themselves, their loved ones, or their clients can use the policyholder or financial professional versions of the tool. Both versions require the end-user to manually fill out a short questionnaire to generate their report. Users utilizing the financial professional version of the tool will also receive a PDF version of the report that can be customized with their company's branding and easily converted into a brochure, postcard, or email to assist with client communications.
Conversely, financial professionals who want to assess the life settlement value of an entire book of business or portfolio can use the "bulk uploader" version of the tool. As it stands, the personal finance industry often overlooks clients' life insurance policies as being an asset with real value. The bulk uploader version of the tool can help give financial professionals a full picture of their client's assets at the touch of a button so they can provide the most accurate financial advice. In addition to receiving life settlement estimations for thousands of clients near instantaneously, those using the bulk uploader tool will also receive customizable materials that can be used for individual client communications.
Financial professionals can learn more and request access to their versions of Harbor Life's "My Policy Predictor" here, while consumers can access a beta version of the calculator here.
About Harbor Life Settlements:
Harbor Life Settlements is a life settlement company that is dedicated to helping seniors and the terminally or chronically ill sell their life insurance policies for maximum cash value so they can comfortably afford their long-term care, medical expenses, retirement, and more. To make the life settlement process easy and transparent, Harbor Life handles all underwriting, paperwork, and legal matters associated with the sale of a life insurance policy, and works with the world's largest network of life settlement buyers to generate the highest cash offer for every client's policy. To learn more, please visit http://www.harborlifesettlements.com and http://www.harborlifebrokerage.com.
[1] Conning, Inc. (2019). (rep.). Life Settlements: A Market Takes Off (pp. 43–46). Boston, MA.
Media Contact
Julie Sondecker, Effective Spend, +1 (817) 614-3005, [email protected]
SOURCE Harbor Life Settlements
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