NEW YORK, June 9, 2020— Afficiency Inc, an insurtech platform company that designs and builds innovative life insurance products for digital distribution, today announced the launch of its second product.
Working with Haven Life, a digital life insurance agency backed and wholly owned by MassMutual, Afficiency has launched a worksite version of its income replacement product. Offered for a 10 or 15 year term, this product continues to pay an employee’s regular paycheck to loved ones in the event the covered employee dies. Unlike most worksite offerings, this is an individual life insurance product. It is instantly underwritten, completely portable and offers coverage of up to $10,000 a month. It will initially be available on the Benefitfocus platform, pursuant to a partnership first announced in 2019
Until now, there was no simple 100% digital solution for buying easy-to-understand life insurance at sizable coverage amounts in the worksite. We are excited to bring this product to consumers with our powerful API-driven platform, which delivers the seamless purchase of tailored, individual life insurance in minutes”, said Mark Scafaro, CEO of Afficiency, Inc. “We are pleased to partner with Haven Life to bring this unique new product to customers during their benefits enrollment, so that more individuals can easily secure financial protection for their families.”
Afficiency has been a valuable partner in designing a product and buying experience that meets the unique life insurance needs of individuals navigating open enrollment benefits...
We’re thrilled for the opportunity to help more people conveniently secure dependable, affordable term life insurance to financially protect their loved ones.”
Afficiency is an insurtech company making life insurance easier to understand and even easier to purchase. Afficiency 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 and is working with conventional and new distribution channels to distribute these products.
After a busy start to 2019, Afficiency anticipates a number of further announcements in 2020, regarding new products, new partnerships and new financing activity.