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First North American Online Life Insurer Wins Prestigious Celent Model Insurer Award


Teachers Life recognized for transforming insurance

TORONTO, ON, April 16, 2016 /24-7PressRelease/ — Teachers Life, a client of Acceptiv, has been recognized in Celent’s Model insurer awards in the category “legacy and ecosystem transformation”.

Founded in 1939, Teachers Life fundamentally revisited their business model in September 2014 when they transformed their life insurance distribution to be entirely online using the Acceptiv platform. “Teachers Life’s goal to move to a completely digital strategy was viewed by many as a bold step. It’s clearly paid off for Doug Baker, President of Teachers Life and his team. We’re delighted to see our client recognized as global leaders in direct to consumer and Omni channel distribution.” said Steve Fretwell, Chairman of the Acceptiv Advisory Board.

Teachers Life is the first insurance company in North America to offer fully-underwritten term life insurance, online – without intervention by an agent, underwriter or any administrative staff in as little as ten minutes. Kevin Pledge, CEO of Acceptiv noted that “By helping Teachers Life simplify the traditionally complex elements of fully underwritten life insurance products and deliver them directly to consumers, we helped them achieve their goal of radically modernizing the way they provide life insurance products to their clients and the ability to dramatically increase sales volumes.”

Celent’s Model Insurer Awards are designed to try to answer the deceptively simple question: “What would it look like for an insurer to do everything right with today’s technology?”

The category “legacy and ecosystem transformation” is not only about modernizing, but also about transforming the way the insurer interacts with customers. Teachers Life is recognized for achieving a seamless, end-to-end online process for application, underwriting, policy issue and delivery for a variety of life products.

About Acceptiv
Acceptiv specializes in enabling North American insurers reach the under-served middle market and to effectively sell life and critical illness products online or through omni-channel distribution. Founded in 2014, Acceptiv offers a proven, sophisticated, end-to-end new business acquisition system for life insurance companies. The Acceptiv solution includes market strategy, product design, underwriting, systems, processes and analytics.

About Teachers Life
Teachers Life is a federally regulated fraternal life insurance company and North America’s largest educator-owned fraternal insurer. Founded in 1939 by educators, Teachers Life offers a full suite of personal insurance products to address the unique needs of over 30,000 members of the education community. Providing insurance for the whole education community, Teachers Life serves educators, administrators, support staff and their families. Teachers Life is the first insurance provider in Canada to underwrite life insurance products online, often in less than 15 minutes. As a non-profit fraternal insurer, community commitment is a core value for Teachers Life.

About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].