Reinventing Life Insurance

Afficiency’s mission is to reinvent life insurance and the life insurance buying process. We want to make life insurance completely digital, easy to purchase and accessible to all.

Reinventing Life Insurance

Afficiency’s mission is to reinvent life insurance and the life insurance buying process. We want to make life insurance completely digital, easy to purchase and accessible to all.

The Afficiency Digital Platform

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 However, our industry is plagued with outdated systems and process, making the road to digital transformation long and difficult.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 Insurance Graphic

Powering the Process Behind the Scenes

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.  

The Story Behind Afficiency

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...

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The Story Behind Afficiency

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 before parting ways - Ravi launched his own technology startup, while Mark went on to help create MetLife's US direct to consumer life insurance business

Our mission is to reinvent life insurance and the life insurance buying process. Utilizing a 100% digital customer journey, Afficiency has developed innovative life insurance products from the ground up - designed to be digital first.

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Common Misperceptions About Life Insurance

Cost
Overestimating Costs

According to LIMRA1 more than half of Americans overestimate the cost of life insurance coverage by as much as threefold

Work
Insurance from Employer

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

Hard
Insurance Complexity

Nearly half of Americans have delayed purchasing life insurance because they perceive that the process is too intimidating or is difficult to understand

YoungPeople
Younger Consumers

Many younger consumers mistakenly believe that life insurance is something for older people and not for them

News Feed

  • What Is No Exam Life Insurance?

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  • Insurance Sales and the Debate Over Agents

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  • Insurtech Startups Pivot Toward Supporting the Agents

    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....

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  • InsurTech Ohio Spotlight with Mark Scafaro

    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...

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  • Podcast - InsurTechTalk with Mark Scafaro

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  • Life Insurtech Afficiency Teams with Bubble

    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...

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  • Podcast - Leadership in Insurance - Mark Scafaro

    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....

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  • Empowering Insurance Agents with Afficiency

    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...

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  • 7 Reasons to Buy Life Insurance

    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...

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  • Podcast - Bank on It - Mark Scafaro

    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...

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  • Pivoting Back: Insurance Agents Remain Invaluable

    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...

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  • Podcast - How to Quickly Integrate Modern Digital Tools

    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.

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  • Quility Bolsters Innovative Tech Offerings

    Quility, an award-winning insurtech company, today announced enhanced features and more simplified issue term life products to its Navigator platform. Navigator is a proprietary end-to-end digital...

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CustomerUpdated

Exceeding consumer expectations

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.

LIMRApresents 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

Percent of need-gap

 

Number of need-gap

 

  1. 2021 LIMRA Barometer Study
  2. 2022 LIMRA Barometer Study

 

Address

Afficiency, Suite 404
101 Greenwich Street, New York, NY, 10006

 

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