Western & Southern and Afficiency Team Up on Digital Life Insurance Products
Western & Southern Financial Group and Afficiency today announced they signed a contract pursuant to which they will develop and deliver life insurance products exclusively designed for Western & Southern's digital distribution through Afficiency's platform.
CINCINNATI and NEW YORK, Nov. 19, 2020 /PRNewswire-PRWeb/ -- The first products being released on Afficiency's all-encompassing digital platform are a whole life product and an income protection product designed to enhance Western & Southern's financial product offerings. These products are completely digitized so applicants can learn about the product quickly and easily online, complete an application and receive instant underwriting, and purchase and receive their new policy within a matter of minutes.
"Western & Southern Financial Group is a strong financial institution with several great life insurance companies and distribution assets in its family of companies," said Mark Scafaro, CEO of Afficiency, "They are a perfect complement to our digital life insurance solution. We are thrilled to have collaborated over this last year to develop unique digital products, and are excited about delivering our joint life insurance products to the marketplace via our platform."
"We share Afficiency's passion for using data and technology to drive the development and delivery of new life insurance products," said Jill T. McGruder, chief marketing officer for Western & Southern. "Afficiency's team and its platform will enable our company to further accelerate product innovation. This contract helps us expand our portfolio of life insurance offerings while accelerating product sales using new and existing distribution channels, as well as the distribution capabilities that Afficiency brings with its platform."
"We are excited to also enter the worksite market with these unique and innovative digital life insurance offerings, leveraging the well-known Gerber brand, the fifth most recognized brand by U.S consumers," said Adam Zuckerberg, vice president of Worksite Solutions for Western & Southern. "Adding an iconic and trusted name such as Gerber brings another level of financial strength and security to more households through our worksite offerings. There are a number of employers that are happy to offer these in-demand digital products while limiting their administrative work. It's a fantastic worksite benefit to offer simple, efficient, and sought-after products to employees that even have convenient individual payment options."
The collaboration between the two companies is the result of growing demand among consumers for an entirely digital process for buying life insurance and income protection products, particularly amid continued concerns by the coronavirus pandemic.
About Western and Southern Financial Group
Founded in Cincinnati in 1888 as The Western and Southern Life Insurance Company, Western & Southern Financial Group, Inc., a Fortune 500 company, is the parent company of a group of diversified financial services businesses. Its assets owned ($60 billion) and managed ($22 billion) totaled $92 billion as of Sept. 30, 2020. Western & Southern is one of the strongest life insurance groups in the world. Its seven life insurance subsidiaries (The Western and Southern Life Insurance Company, Western-Southern Life Assurance Company, Columbus Life Insurance Company, Gerber Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, and National Integrity Life Insurance Company) maintain very strong financial ratings. Other member companies include Eagle Realty Group, LLC; Fort Washington Investment Advisors, Inc.; 1 IFS Financial Services, Inc.; Touchstone Advisors, Inc.; 1 Touchstone Securities, Inc.; 2 W&S Brokerage Services, Inc.; 1,2 and W&S Financial Group Distributors, Inc. Western & Southern is the title sponsor of seven major community events every year, including the Western & Southern Open, a premier event in the U.S. Open Series played each August by the world's top-ranked professional male and female tennis players.
1 A registered investment adviser.
2 A registered broker-dealer and member FINRA/SIPC.
Review our current financial ratings.
About Afficiency Inc.
Afficiency is an insurtech company making life insurance easier to understand and even easier to purchase. Afficiency has developed a digital life insurance platform that allows new products to be quickly stood-up and made available for digital distribution, completely via API. All of Afficiency's life insurance products are designed to be digitally underwritten and issued to applicants within seconds. Afficiency has been partnering with carriers and re-insurers since late 2018 to bring products to market. The team has also been working with conventional and new distribution channels to deliver these products.
Afficiency anticipates a number of further announcements in 2020, regarding new products, new partnerships, and new financing activity.
The information herein is not an offer to sell insurance. Insurance products are offered only through licensed and appointed insurance agents, and no insurance policy goes into effect until issued by a licensed carrier. All coverages are subject to the terms, conditions, and exclusions of the actual policy issued. Not all policies or coverages are available in every state.
Afficiency, Inc.
3 World Financial Center
200 Vesey Street, 24thFloor
New York NY 10281
646.952.8582
[email protected]
Media Contact
Mark Scafaro, Afficiency, +1 (646) 952-8582, [email protected]
SOURCE Afficiency
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