Putting “smart” into life insurance

Most life insurance companies sell the same products today, and in the same way, as they did 50 years ago. They are oriented around their product and what someone, somewhere thinks you need – not what you actually need. Most are static and may be appropriate when you buy them, but quickly become disconnected from your evolving circumstances. Not much time has to pass before they are invariably out of sync with who you are and what you need.

Enter technology, that strange and wonderful innovation that can make insurance smarter and relevant to today’s world. Technology can be harnessed to understand who you are, as well as your unique circumstances. We then translate this information into products that are all about you and your family.

Technology does the legwork – but it’s only a means to an end. At Elevate, we don’t believe in using technology for technology’s sake; instead, we use it to make the best products possible to provide ultimate value. What is this “value” we are so obsessed with providing? For us, it’s the fulfilment of our customers’ needs. This can only come through a deep, individualised understanding. And this is the basis for our smarter life insurance model: one in which each policy is uniquely and dynamically aligned with your needs by harnessing the power of your relevant individual data. Using as much of your relevant health and wellness data as you choose to share, we tailor your Elevate products to be, and to remain, truly specific to your needs.

Why put “smart” into life insurance? 

The life insurance industry has been among the slowest to adopt new technologies. When embarking on our mission to change people’s lives for the better, we felt there were few places in which we could achieve more impact than in the life insurance industry. With our experience and deep knowledge of evidence-based wellness research, the latest technologies and bespoke tools, as well as the use of behavioural and wellness data, we thought it was high time for us to design smart life insurance. The data is available; so is the technology to turn it into value for our customers. So, we went ahead and built life and risk cover that is smarter and can achieve our goal of bringing about longer, healthier, more prosperous lives.  

Inverting the model

We not only offer truly smart insurance that evolves with your needs – we also invert the model.  Other insurers typically access and scrutinise your data at claim stage, finding reasons not to pay. We invert this model by ensuring that all important information is shared with us up front and kept in sync (as far as you consent) throughout your policy. This allows you to be as confident about your cover, at any stage, as we are. We shun claim-stage surprises or awful experiences, such as penalties or exclusions, during the life of our customers’ policies. This is a relationship built on trust, and you will never be penalised for the information that you share. Rather, we use this information to deepen our understanding of your health and circumstances and guide you towards improved wellness – all while ensuring full cover that is aligned with your needs. 

Assessing your needs

Our needs assessment process is smart too. By choosing to share and integrate data that tracks your clinical health, lifestyle habits and financial behaviour – as many as you choose (the more you share, the more aligned your cover) – we can understand your needs without a detailed questionnaire. You can choose to conduct the needs assessment yourself or engage the services of a broker to assist and guide you. Either way, everything in our approach is fully digital, paperless, and designed to be as intuitive as possible.  

Be smart about life insurance

It is time to use technology to change how we approach life insurance! Make sure that your cover aligns with your evolving needs by using best-in-class technology and trustworthy sources of your own, dynamic data. It’s that simple – and that smart.

Yours in smart insurance,

Matan Abraham, CEO of Elevate