What You Need to Know
- Plum Life launched last week.
- It can connect agent clients with Swiss Re's Magnum underwriting automation system.
- SBLI has experimented with other life sales programs in recent years.
A company that’s offering to help life insurance agents start and run their own online sales operations is starting to take shape.
The online store startup, Plum Life, announced its official launch last week.
This week, The Savings Bank Mutual Life Insurance Company of Massachusetts has announced a distribution deal with the Warren, New Jersey-based company.
Plum Life will be offering guaranteed level premium term life products from SBLI through its program, which can connect agents, insurers and consumers through websites and mobile devices.
The Plum Life program also offers tools that can help agents get quotes, submit applications and deliver the policies to the clients.
Plum Life can connect agents with the Swiss Re Magnum automated underwriting system, and Swiss Re serves as the reinsurer for products distributed through the Plum Life program.
SBLI, the initial life insurance supplier, has experimented with other online life sales programs. In 2019, for example, it helped Lifefy Corp. set up an online term life sales system.