GE Financial Assurance is combining in-person transaction and the Internet to sell a new term life insurance policy through banks and securities brokers.
The product, Simple Security, can be underwritten and approved at point of sale. Applicants fill out an online form at a bank branch or brokerage, it is submitted electronically, and the system "responds with either an approval or denial right there," said Bethann Roberts, senior vice president of financial services for GE Financial Assurance in Richmond, Va.
Once the customer makes a premium payment, a policy can be printed out and signed in about 20 minutes.
Simple Security policies of up to $300,000 can be written for applicants 50 and younger, and up to $100,000 for those as old as 60. For policies over $100,000, the customer must take a saliva test to validate health information entered on the application (the product is not available to anyone over 60). Coverage is available for a term of 10 or 20 years, with a minimum policy value of $25,000.
GE Financial, a subsidiary of the General Electric Co. subsidiary GE Capital, is using technology from Allfinanz Inc., for its bank and broker sales of Simple Security.
Allfinanz, of Burlington, Mass., aims "to have a quarter of the bank assurance volume using our platform," said Richard Heil, executive vice president of strategic development for Allfinanz.
Life insurance products from Travelers Life and Annuity, Life of Virginia, First Colony, and Reinsurance Group of America are also available through Allfinanz. Property and casualty lines are not yet available, but Mr. Heil said Allfinanz hopes to add them "by late fall or in the winter."
GE Financial Assurance and its companies have $100 billion of assets under management, operate in 17 countries, and serve about 20 million customers. Its consumer financial product offerings include life insurance, annuities, mutual funds, retirement investment plans, long-term care, supplemental accident and health benefits, and auto coverage.