TORONTO, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Teachers Life today announced the availability of its digital-first SmartLife product lineup and instant issuance platform, a white-label solution that features simplified term life products powered by an award-winning digital insurance platform. In addition, Teachers Life has secured OTIP as its first distribution partner for the new SmartLife platform.
The SmartLife product lineup and instant issuance solution provides distribution partners with a suite of simplified renewable and non-renewable term life coverage offered in 10, 15, 20, 25, and 100-year terms with up to $1M in coverage. It also includes a seamless medical underwriting flow for applications that require more medical information. Distribution partners can also offer a self-serve or agent-assisted application process to ensure customers can access the right coverage and products that meet their individual needs and purchasing preferences.
“Teachers Life is offering a turnkey term life insurance distribution solution to make it easy for OTIP and other insurers to expand and modernize their insurance offerings without the risks associated with unproven partners,” said Kayte Fredrickson, President and CEO of Teachers Life. “With more than 85 years of industry experience and reliability, Teachers Life is an easy choice for partners that want to get to market quickly with a proven, digital-first term life insurance solution.”
OTIP, a longstanding partner of Teachers Life, is the first distributor to launch on Teachers Life’s new white-labeled solution.
OTIP CEO Vic Medland noted, “Adding the SmartLife product lineup and instant issuance platform from Teachers Life reflects our commitment at OTIP to delivering an outstanding insurance and service experience to the dedicated members of Ontario’s education community. Providing our members with simplified, digital-first term life products backed by Teachers Life enables us to confidently offer members more choice, convenience, and affordable life insurance options.”
About Teachers Life
Teachers Life is a fraternal insurer dedicated to safeguarding Canadians nationwide with life, disability, and sickness insurance for more than 85 years. Since 2010, we've prioritized innovation, streamlining operations, and generating over $4.15 million for reinvestment into our community and Members. This includes $600,000 in scholarships and bursaries for the children, grandchildren, nieces, and nephews of our Members. Find out more at teacherslife.com.
About OTIP
Creating insured members for life. At OTIP (www.otip.com), we not only understand the education system, we believe in it. Across all lines of insurance, OTIP provides coverage to more than 200,000+ education employees in the province. Owned by Ontario’s four education affiliates (AEFO, ETFO, OECTA and OSSTF/FEESO) and directed by a board of trustees, OTIP was built on the belief that educators would be better served by a not-for-profit insurance advocate that was part of the education community. This remains our philosophy today.
