Vantis Life Insurance Company, a life insurance provider for mid-market and emerging affluent consumers, recently introduced Velocity, an upgraded online life insurance platform that makes getting coverage faster and more efficient.
The Windsor, Conn.-based company says Velocity will shake up the industry and hopes to reverse the trend of declining life insurance ownership among mass-market customers by offering a new experience with the ability to issue policies up to $1 million through a greatly accelerated underwriting engine.
“Vantis Life is revolutionizing the process that agents use to offer life insurance to customers who need this product most,” said Ray Caucci, Chairman and Chief Executive Officer at Vantis Life. “The resulting product suite, powered by accelerated underwriting, enables distributors to offer high-quality products to more people in the mass market, more easily than ever. Each agent will have the option to take the application themselves, with an underwriting decision available in minutes; refer the customer to Vantis Life’s professional contact center, or refer the application directly to the customer via email. These choices are key benefits to the Velocity experience.”
Vantis Life’s Velocity product suite includes Term, Term Return of Premium (ROP), and Permanent Life Insurance, all available via a new quote-and-submit agent portal. To expedite the life insurance application process, Vantis Life’s underwriting technology harnesses items such as Fair Credit Reporting Act (FCRA)-compliant consumer data through LexisNexis, pharmaceutical databases and motor vehicle records in order to deliver an offer for life insurance in as little as a few minutes to a few days for the healthiest applicants, without a medical test or additional cost.
All Vantis Velocity products come with accelerated benefit riders for no additional premium. A unique Charitable Giving rider, also included with no added premium, provides an additional death benefit of 1% (up to $100,000) to a qualified charitable organization of the policy owner’s choosing, and is paid by Vantis Life.
In addition to term and whole life, Vantis Life’s final expense product, Guaranteed Golden®, and single premium wealth transfer product, EstateWise Platinum®, will also be available on the same digital platform.
For more information on Vantis Velocity, visit VantisLife.com/products/life-insurance-products.
About Vantis Life: Established in 1942, Vantis Life Insurance Company’s primary goal is to provide families affordable life insurance products. Vantis Life markets its products through financial institutions and direct to the consumer. The Company prides itself on providing simple, easy-to-afford products to middle-income American families and supporting these products with attentive and personal customer service. Vantis Life is a separately operated subsidiary of The Penn Mutual Life Insurance Company.
I had very fruitful meetings with Vantis Life. N.A.A.I.P. is looking forward to having more Vantis agents use our platform to link to Vantis' online enrollment portal.
Go Vantis.
FYI – this is only available through select entities, mostly banks. No BGAs or independent agents can write this.
Yes, that is what is happening. Vantis is putting N.A.A.I.P. in touch with the bank and we are setting up the bank employees with their individual websites which make it easy to link to Vantis products. It is a win-win.
So Vantis has become the enemy?
Come on now Vantis. Play nice. You know you want to triple your sales.
Been dealing with Lexus/Nexus life risk classifier for almost a year as a captive. It is damn near worthless for an agent but sound for a company Yes you can get up to 1mm or 500k without an exam with a good LRC.
So who has a good LRC. Precisely the people who have no problem getting an exam.
Who has a crappy one? The ones who will never paramedic.
Huge correlation. While not thrilled with the change I understand the reason, and believe it will become more prevelant in the next 12 to 18 months. Paticualarly on term. Not on FE. The data is sound.
Take 2 50 male, nontobacco, no meds, good build, did an exam, for 1mm. Both perfect blood work. Essentially the same guy right?
Guy 1
Married
Homeowner
Great credit
Same job 10 years
Same home 10 years
Guy 2
Single
Renter
Poor credit
3 Jobs the past 5 years
3 residents the past 5 years
Now while they look the same medically initially they are not (on average, exceptions to everything), Guy 1 is far more desirable. This is the future of underwriting for life (particularly term). I hate it but understand why companies do it. Ask a P and C agent about it. Been used for years.
Very much agree…
Had a guy with great income/credit but had moved 3 times in 15 years, once from AZ to CA, each time buying and selling a home.
1st carrier: S+. Talked to head underwriter, nothing they could do once the black box had spoken.
2nd carrier: P+.
Guess which one uses LexisNexis.