Lincoln Financial Group has partnered with tech-enabled life insurance brokerage Modern Life to accelerate digital transformation in insurance.
According to Lincoln, the partnership will enable it to deliver its insurance product portfolio on Modern Life’s digital platform. The company said this will provide an improved digital end-to-end experience.
Headquartered in Pennsylvania, Lincoln Financial Group provides advice and solutions aimed at helping people take charge of their financial lives with confidence and optimism.
Modern Life’s technology leverages data and analytics to accelerate risk assessment and quoting, helping the modern financial professional growth their business and confidently serve their clients with a digital journey.
The company’s integrated dashboard reduced friction points for financial professionals, whilst its brokerage expertise provide personalised support.
Financial professionals using the platform will have access to a broad suite of Lincoln’s products, including permanent and term coverage as well as linked benefits.
Michael Konialian, co-founder and CEO of Modern Life, added, “The life insurance industry is in the midst of its industrial revolution. The pandemic accelerated its digital transformation as kitchen table conversations have evolved into video calls, paper applications shifted to digital forms, and in-person medical exams can often be replaced by predictive underwriting models.
“Financial professionals faced the highest rate of new business growth in decades, which makes it more important than ever that they and their clients have a streamlined and simple digital life insurance experience. We are thrilled to partner with a company like Lincoln Financial, with broad product and underwriting expertise, to bring our technology platform and advancements to support financial professionals and their clients.”
Modern Life recently exited stealth with $15m in seed funding. Thrive Capital led the round with participation also from 12 unicorn founders from Hippo, Plaid, Reddit, Flatiron Health, Newfront, At Bay, Vouch, Cedar and Lattice.
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