CUNA Mutual Group Named 2017 Celent Model Insurer
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Celent Recognizes TruStage’s Simplified-Issue Term Life Insurance Product for Its Innovation and Customer Experience

MADISON, Wis. – CUNA Mutual Group has won a 2017 Celent Model Insurer Award in the digital and omnichannel technology category for its TruStage® simplified-issue term life insurance product. The recognition by Celent, a global research and advisory firm in the financial services and insurance industries, highlights the company’s innovative, consumer brand TruStage.

Celent’s annual awards program selects ‘Model Insurers’ and recognizes them for their ability to improve performance, deliver innovative solutions, and meet market demands when tackling issues that face all insurers today. This is the first time TruStage has received the award.

“We are truly honored to be named a Celent Model Insurer for our simplified-issue term life insurance product,” said Susan Sachatello, senior vice president, TruStage. “We continually invest in new and innovative ideas to address consumers’ evolving needs and help them protect their financial future. That protection starts with easily accessible life insurance coverage that fits within a budget.”

Designed using direct consumer feedback, retail best practices and particularly appealing to the needs of younger consumers, TruStage’s simplified-issue term life insurance product offers consumers an entirely online purchase experience. After designating a beneficiary at the start and answering just two health questions, a completely automated underwriting platform delivers a decision in minutes with coverage face amounts ranging from $5,000 to $100,000 to provide protection for home mortgages, children’s education, income replacement and final expenses.

With this capability, consumers can purchase and service the entire suite of TruStage products, including: accidental death and dismemberment, whole life, term life, auto, home and health insurance, entirely online.

“TruStage is changing how life insurance is purchased by starting with the overall customer experience,” said Sachatello. “Life insurance is an emotional purchase, and we understand it must be simple and easy for the consumer to secure a coverage amount they know they can afford and feel comfortable with.”

The product provides coverage options based on the buyer’s budget rather than forcing them to select a specific coverage amount, and is sold through an online channel that’s been traditionally unavailable for life insurance purchases. It is an example of CUNA Mutual Group’s emphasis on investing in technology, mobile and new digital channels to support credit unions and consumers for the future.

Donald Light, director, Celent, added, “The Model Insurer Awards recognize how insurers are using technology to change the face of the industry. Model Insurer Award winners combine best practice implementations with meaningful impacts on business results. The entry from TruStage clearly demonstrated both aspects.”

Since launching in June 2016, approximately $337 million has been issued to policyholders online protecting 6,400 consumers.

For the Model Insurer Award consideration, Celent judges reviewed three core criteria: initiatives must be currently operational and delivering clear business benefits; the degree of innovation relative to the industry; and the quality of the technology or implementation excellence. Celent named Model Insurers in five categories: innovation and emerging technologies, digital and omnichannel technologies, data mastery and analytics, legacy and ecosystem transformation, and operational excellence in IT management.

The full list of the 2017 Celent Model Insurer Award winners is available here.

Subscribers to Celent Insurance Research Reports can learn more by reviewing the 2017 winners’ case studies, including TruStage’s simplified-issue term life insurance product, in Celent’s recently published report, available here.