Teachers Life, a client of Acceptiv, has been recognized in Celent’s Model insurer awards in the category “legacy and ecosystem transformation”.
Founded in 1939, Teachers Life fundamentally revisited their business model in September 2014 when they transformed their life insurance distribution to be entirely online using the Acceptiv platform. "Teachers Life's goal to move to a completely digital strategy was viewed by many as a bold step. It's clearly paid off for Doug Baker, President of Teachers Life and his team. We're delighted to see our client recognized as global leaders in direct to consumer and Omni channel distribution." said Steve Fretwell, Chairman of the Acceptiv Advisory Board.
Teachers Life currently offers fully-underwritten term life insurance, online - without intervention by an agent, underwriter or any administrative staff in as little as ten minutes. Kevin Pledge, CEO of Acceptiv noted that "By helping Teachers Life simplify the traditionally complex elements of fully underwritten life insurance products and deliver them directly to consumers, we helped them achieve their goal of radically modernizing the way they provide life insurance products to their clients and the ability to dramatically increase sales volumes."
Celent’s Model Insurer Awards are designed to try to answer the deceptively simple question: “What would it look like for an insurer to do everything right with today’s technology?”
The category “legacy and ecosystem transformation” is not only about modernizing, but also about transforming the way the insurer interacts with customers. Teachers Life is recognized for achieving a seamless, end-to-end online process for application, underwriting, policy issue and delivery for a variety of life products.