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Vantis Life Insurance Company (Windsor, Conn.) a provider of life insurance for mid-market and emerging affluent consumers announced that it has introduced Velocity, an upgraded online life insurance platform designed to make getting coverage faster and more efficient. Velocity will offer a new life insurance purchasing experience with the ability to issue policies up to $1 million through what the carrier calls 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,” comments Ray Caucci, Chairman and CEO, 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.”
Agents 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,” Caucci adds.
FCRA-Compliant Data for Underwriting
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 sources 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.
Vantis reports that all 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 percent (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, according to a carrier statement.