Earlier this week we were part of a lively discussion on Rod Drury’s blog which, by the end, highlighted the gap between Pinnacle Life and the traditional life insurers.
In a nutshell, Pinnacle Life is the first and only life insurance company to be able to guide a consumer through an application process for life insurance and issue them a policy immediately on-line with no paper, no signatures, no post and no human involvement of any kind. A consumer can walk away with a life insurance policy then and there.
And there’s more.
Try reading the policy documents offered by traditional insurers. You don’t get one document. You get a minimum of a base policy and a schedule and some insurers manage to slip in even a third or fourth document for good measure. They’ll tell you something like “these three (or four) documents together make up your policy document”. And you find each document has cross-references to all the other documents. I’ve been in this industry a dozen years and still find it all confusing.
In comparison, Pinnacle Life issues the consumer one customised policy document that explains everything in plain English. No cross referencing, no legal terms, no insurance jargon. And best of all, the consumer gets to view a printable version of their customised policy document before they commit. No other insurer does this.
We think traditional insurers have designed their products and process for ‘the industry’ whereas Pinnacle Life has designed its products and process for the consumer.
