Big Three insurer has launched its Sun Life GO platform, promising much quicker application turnaround
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Earlier this week Sun Life Financial went live with its new digital platform, promising life insurance quotes in as little as ten minutes. Sun Life GO offers consumers the chance to complete an application in full online, with fewer health questions required to issue a policy.
Convenience is the main selling point of the initiative, as the firm seeks to attract those put off by a drawn out underwriting process. The platform also offers clients the chance to buy life insurance without having to go through a financial advisor. That’s not necessarily bad news for advisors and brokers, believes Brett Donald, assistant vice-president Marketing, Client Solutions at Sun Life Financial, who explains the vision behind Sun Life GO.
“It is really driven by the need for Canadians to have a direct link, when and how they want,” he says. “We see it as complementary. The premise is client choice – some clients want to go online and do their own research, then have a conversation with one of our advisors.”
Other clients that are more comfortable with digital platforms and have more understanding of life insurance policies may elect to complete the application themselves. In developing the platform, Sun Life analyzed what exactly it was about this industry that frustrated the public most. The answers the company received are the foundation on which Sun Life GO is built upon.
“The main advancement has been with the client experience,” he says. “In the past a client could go online and buy a basic T1 life insurance policy, but we found out from clients that it didn’t really meet their needs on convenience or from a product feature standpoint. So there are two really robust enhancements for Sun Life GO – the product platform available, and how digitally optimized and convenient it is to use.”
Those using the platform will be able to purchase guaranteed life insurance for ages 30–74 with maximum coverage of $25,000; the application for this poses no health questions and has guaranteed acceptance. Simplified term-life poses only three health questions and is available for ages 18–69, with maximum coverage of $100,000. Traditional term-life coverage has 11 health questions, but no fluids or vitals required for healthy applicants up to age 40. These plans are available for ages 18–69, with maximum coverage of $1 million.
It’s quite the turnaround for an industry where many clients would regularly face an underwriting process lasting two weeks and more. According to Donald, it’s a platform likely to curry favour with Canadians of all ages.
“It is simplistic to think of demographics as the only driver,” he says. “We realized that making ages available from 18–69, or 30–74 was driven by a lot of clients having a need to use a digital platform at different life events. It is for those that need a top up on insurance or quick guaranteed insurance and don’t necessarily want to go through the underwriting process.”
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Convenience is the main selling point of the initiative, as the firm seeks to attract those put off by a drawn out underwriting process. The platform also offers clients the chance to buy life insurance without having to go through a financial advisor. That’s not necessarily bad news for advisors and brokers, believes Brett Donald, assistant vice-president Marketing, Client Solutions at Sun Life Financial, who explains the vision behind Sun Life GO.
“It is really driven by the need for Canadians to have a direct link, when and how they want,” he says. “We see it as complementary. The premise is client choice – some clients want to go online and do their own research, then have a conversation with one of our advisors.”
Other clients that are more comfortable with digital platforms and have more understanding of life insurance policies may elect to complete the application themselves. In developing the platform, Sun Life analyzed what exactly it was about this industry that frustrated the public most. The answers the company received are the foundation on which Sun Life GO is built upon.
“The main advancement has been with the client experience,” he says. “In the past a client could go online and buy a basic T1 life insurance policy, but we found out from clients that it didn’t really meet their needs on convenience or from a product feature standpoint. So there are two really robust enhancements for Sun Life GO – the product platform available, and how digitally optimized and convenient it is to use.”
Those using the platform will be able to purchase guaranteed life insurance for ages 30–74 with maximum coverage of $25,000; the application for this poses no health questions and has guaranteed acceptance. Simplified term-life poses only three health questions and is available for ages 18–69, with maximum coverage of $100,000. Traditional term-life coverage has 11 health questions, but no fluids or vitals required for healthy applicants up to age 40. These plans are available for ages 18–69, with maximum coverage of $1 million.
It’s quite the turnaround for an industry where many clients would regularly face an underwriting process lasting two weeks and more. According to Donald, it’s a platform likely to curry favour with Canadians of all ages.
“It is simplistic to think of demographics as the only driver,” he says. “We realized that making ages available from 18–69, or 30–74 was driven by a lot of clients having a need to use a digital platform at different life events. It is for those that need a top up on insurance or quick guaranteed insurance and don’t necessarily want to go through the underwriting process.”
Related stories:
Sun Life signs ground-breaking mental-health partnership
Manulife and Sun Life build momentum in 2Q
