CUNA Mutual Group has won a 2017 Celent Model Insurer Award in the digital and omnichannel technology category for its TruStage® simplified-issue term life insurance product.
The recognition by Celent, a global research and advisory firm in the financial services and insurance industries, highlights the company’s innovative, consumer brand TruStage.
Celent’s annual awards program selects ‘Model Insurers’ and recognizes their ability to improve performance, deliver innovative solutions, and meet market demands when tackling issues facing all insurers today. This is the first time TruStage has received the award.
Designed using direct consumer feedback, retail best practices and particularly appealing to the needs of younger consumers, TruStage’s simplified-issue term life insurance product offers consumers an entirely online purchase experience. After designating a beneficiary at the start and answering just two health questions, a completely automated underwriting platform delivers a decision in minutes with coverage face amounts ranging from $5,000 to $100,000 to provide protection for home mortgages, children’s education, income replacement, and final expenses.
With this capability, consumers can purchase and service the entire suite of TruStage products, including: accidental death and dismemberment, whole life, term life, auto, home, and health insurance entirely online.
The product provides coverage options based on the buyer’s budget rather than forcing them to select a specific coverage amount and is sold through an online channel traditionally unavailable for life insurance purchases. It is an example of CUNA Mutual Group’s emphasis on investing in technology, mobile and new digital channels to support credit unions and consumers for the future.
Since launching in June 2016, approximately $337 million has been issued to policyholders online protecting 6,400 consumers.