ConsumerOptix integrates IncomeSense to empower agents with digital declining term life insurance product
NEW YORK, NY / ACCESSWIRE / January 19, 2023 / Afficiency, an insurtech transforming the end-to-end life insurance buying process, and Cincinnati-based Western & Southern Financial Group, a Fortune 400 financial services firm, today announced a new integration with ConsumerOptix. The collaboration enables ConsumerOptix to embed IncomeSense, an income protection life insurance solution developed by Afficiency and Western & Southern, into the distribution platforms ConsumerOptix develops for its clients.
ConsumerOptix is a technology platform that leverages AI and psychographics to enhance and simplify the life insurance process for consumers. The insurtech helps agents and other distributors to digitize their services, equipping them with brandable, turnkey websites and the resources they need to highlight the benefits of life insurance and streamline the act of purchasing life insurance.
"ConsumerOptix is passionate about communicating the value of life insurance and delivering tailored solutions that enable agents to drive engagement, education, and enrollment among their clients," said Mark Scafaro, CEO of Afficiency. "Aligned in closing the life insurance protection gap, we are proud to provide the technology plug-ins that allow ConsumerOptix to leverage this product."
IncomeSense is a declining term life insurance solution that provides a monthly income stream to beneficiaries to help replace lost income in the event of a wage earner's death. With no medical exam required, it is a simple, fast and digital solution that can help families preserve their standard of living even if the unthinkable happens.
"At Western & Southern, our goal is to close the protection gap with unique consumer-focused solutions. In pursuit of this goal, we're fortunate to collaborate with innovative firms like Afficiency and ConsumerOptix, to develop compelling, digital-first experiences," said Ben Fotsch, Vice President of Digital Customer Acquisition at Western & Southern Financial Group.
"Across the industry as a whole, there exists a huge opportunity to better explain the benefits of life insurance and make it even more accessible," said James O'Hara, CEO and Co-Founder of ConsumerOptix. "We are thrilled to offer a great solution, IncomeSense, from Western & Southern, one of the strongest life insurance groups in the world. It has also been a privilege to work with Afficiency, who made the integration with IncomeSense effortless. We see great potential to expand this relationship in the future to further diversify the choice and flexibility we offer to agents and their clients."
Afficiency is an insurtech transforming the end-to-end life insurance buying process and accelerating the time it takes to get applicants approved and covered. With Afficiency's digital life insurance platform, it's never been easier to offer 100% digital in-session policy decisions. Afficiency enables distributors and other trusted brands to white-label and distribute Afficiency's life insurance products in a customizable way. With our proprietary API, we can bring our suite of products into our partners' native environments. And for those starting from scratch, we can offer an out-of-the-box customer journey. Afficiency works with its carrier and reinsurance partners to develop these products and has a growing product catalog spanning categories such as term, whole life, disability, and universal life. All of our products are digitally underwritten and issued to applicants within seconds. We have issued thousands of policies to date, closing the life insurance coverage gap, eliminating friction and protecting more lives. To learn more about Afficiency, visit www.afficiency.com.
ConsumerOptix is a Software as a Service 'SaaS' Insurtech offering Term Life Insurance policies, instantly, online, and frictionlessly - in as little as 15 minutes. ConsumerOptix' patent pending platform leverages Artificial Intelligence and Consumer Psychographics to match consumers and employees with ‘best-fit' coverage for their family. The company leverages personalized interactive video to engage with consumers and employees with the most compatible messaging - at the point of sale. ConsumerOptix platform is ‘consumer-facing' but only distributed via traditional insurance channels including property & casualty agents, life insurance brokers, financial advisors, and employee benefits brokers. For more information, please visit https://consumeroptix.com/.
About Western & 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 ($66 billion) and managed ($35 billion) totaled $101 billion as of June 30, 2022. 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.;* IFS Financial Services, Inc.; Touchstone Advisors, Inc.;* Touchstone Securities, Inc.;** W&S Brokerage Services, Inc.;*,** 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.
* A registered investment adviser.
** A registered broker-dealer and member FINRA/SIPC.
IncomeSense policy series ICC20 2006-4003-W WSA, ICC20 2006-4003-R WSA is issued by Western-Southern Life Assurance Company, Cincinnati, OH, a member of Western & Southern Financial Group.
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