U.S. life carriers and distributors recognize the need for digital transformation. However, our industry is plagued with outdated systems and process, making the road to digital transformation long and difficult. At Afficiency, our goal is to deliver innovative life insurance products 100% digitally, throughout the entire customer journey from quote to policy issue to administration.
As consumers recognize the need for life insurance, we understand they have an expectation that life insurance should be easy-to-understand and easy to purchase. To this new breed of consumers that means being available via a streamlined digital platform. Afficiency is the 100% digital, end-to-end life insurance solution, designed to engage customers and offer products in either a self-service or agent assist manner.
Afficiency develops and accelerates product innovation - bridging the technology gap in a fraction of the time it traditionally takes a product to come to market. Making innovative life insurance products accessible to millions of U.S. consumers.
Utilizing our proprietary digital underwriting technology, we make it possible and easier for insurers and distributors to offer a suite of products in an easy-to-use, secure, and streamlined digital environment.
Afficiency builds flexible life insurance products available via agent assist, direct to consumer and worksite models; all delivered via API. Our products are designed to be easy to understand and even easier to purchase.
Afficiency was born in 2017 and is led by co-founders Mark Scafaro, CEO and Ravi Arasan, CIO. Mark and Ravi spent many years in financial services...
According to LIMRA1 more than half of Americans overestimate the cost of life insurance coverage by as much as threefold
One in three assume that the group life insurance coverage they receive via their employee benefits is enough, yet it rarely is nor is it portable
Nearly half of Americans have delayed purchasing life insurance because they perceive that the process is too intimidating or is difficult to understand
Many younger consumers mistakenly believe that life insurance is something for older people and not for them
There’s a lot to consider when you’re buying life insurance, not to mention the hassle of getting a medical exam, which most policies require. If you’re looking for a simpler, quicker alternative,...Read More
At the dawn of the insurtech age, up-and-coming players saw direct-to-consumer (DTC) channels as not just the way of the future, but the only way of the future ... But then the challengers hit a...Read More
Mark Scafaro sees insurance distribution technology startups going down a popular path: Pivoting from trying to reach consumers directly — and cutting out the agents — to supporting the agents....Read More
Mark, what are some of the strengths in acting as an intermediary between carriers and distribution partners? “The biggest strength is we get to be experts in both those fields and exchange our...Read More
This October at The Fintech Times is all about the incredible women working in the fintech industry. With women still forming only around 30 per cent of the workforce, it’s important to spotlight...Read More
ConsumerOptix integrates IncomeSense to empower agents with digital declining term life insurance product. Afficiency, an insurtech transforming the end-to-end life insurance buying process, and...Read More
Mark Scafaro, CEO of Afficiency, joins Gilad Shai to talk about Afficiency, life insurance, building trust and traction for a SaaS platform and providing whole life insurance quotes via API.Read More
Afficiency, an insurtech transforming the end-to-end life insurance buying process, and Cincinnati-based insurance conglomerate Western & Southern Financial Group today announced a new product...Read More
Mark Scafaro is the CEO and co-founder of Afficiency, an insurtech transforming the end-to-end life insurance buying process and accelerating the time it takes to get applicants approved and covered....Read More
In its nascent years, the insurtech space seemed poised for runaway success and growth. But the realities of the market, in addition to declining valuations, have caused insurtechs to reconsider some...Read More
Ask an agent about the best time to buy life insurance and the answer will likely be “now,” or “anytime.” But consumers watching the value of their 401ks decline in this inflationary era as interest...Read More
In this episode the host of the Bank on It podcast, John Siracusa, chats remotely with Mark Scafaro, Co-founder & CEO of Afficiency. Afficiency provides life insurance products via API to digital...Read More
According to LIMRA, almost 90% of the life insurance market is still sold by independent and affiliated agents compared to only 6% sold direct-to-consumer (DTC). At the pandemic’s onset, digital...Read More
Afficiency CEO Mark Scafaro joins host Josh Hollander, of The Insurtech Leadership Podcast, to talk about how to quickly and effectively integrate modern digital tools into life insurance.Read More
When it comes to life insurance, there has long been a protection gap in the U.S., the number of consumers with adequate life insurance is overshadowed by the number of consumers with no life insurance or not enough to meet the financial needs of the family members they would leave behind.
LIMRA2 presents another compelling way to demonstrate the degree of unmet need for life insurance, comparing the difference between those who say they “need” life insurance and those who say they “have” life insurance. Over the last decade the gap between those that say they need life insurance and those that have life insurance has more than doubled.
Life Insurance Need-Gap 2021 - 2022