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Normally, getting quotes for permanent life insurance takes hours or days, but Modern Life's new technology makes this instant. The instant capability is an addition to the life insurance brokerage's multi-quoting capabilities, according to the company.
In October 2022, Modern Life had partnerships with 15 carriers. That number is now up to 30, according to company executives. Modern Life's services compete against institutional insurance broker-dealers' offerings.
The company is seeing and watching a quick evolution in the use of AI for insurtech, and expects to eventually host its own AI models. Modern Life sees the function of choosing among carriers' quote offerings as the next frontier for insurtech AI.
AI will also have value in life insurance by helping agents reach younger generations, since most life insurance client advisors are on average 45 or older.
That is an element of Modern Life's strategy, and instant quoting appeals to advisors who use it.
"Permanent insurance is an invaluable part of the financial protection toolkit, especially for clients with complex estate or business planning needs," said Michael Konialian, Modern Life co-founder and CEO, in a press release. "In building the fastest path from advice to coverage, we're streamlining the process for top advisors to deliver superior, sophisticated results for their clients in a fraction of the time."
