Afficiency

Prior to the pandemic, most life insurance searches began online but more than 90% of policies were secured through an in-person interaction with a broker. COVID has not only served as a boon for the industry as consumers paid more attention to their financial security but also a catalyst for digital transformation.  Virtual sales capabilities for agents and brokers, digital applications, electronic delivery of policies, and underwriting automation are all key priorities where significant investment is being made.  Afficiency is an insurtech infrastructure platform that brings these life insurance digital capabilities to the buying process with a set of APIs, at scale, for its distribution partners whether they are brokers, agencies, or even neo-insurance startups.  The company offers a variety of policy types that include term life, whole life, mortgage, and income protection with plans to expand its product selection offering. For carriers working with Afficiency, the platform allows them to rapidly deploy new products with limited resources that are flexible for today’s digital consumers.  For example, for employer-linked products, Afficiency will handle premium payments through seamless payroll deduction functionality. AlleyWatch caught up with Afficiency CEO and Cofounder Mark Scafaro to learn more about the business, the company’s strategic plans, latest round of funding led by IA Capital Group, and much, much more…