Okay. The topic of life insurance is really not on everyone’s cup of tea reading list and favorite things to do. But what if I told you there was a better way to buy life insurance that rewarded people for living healthy lives? That’s exactly what the people at Sproutt are trying to do and they are revolutionizing the industry using machine learning and algorithms.
First of all, I really think that life insurance should be a thing that everyone thinks about once they have dependents of any kind. And that goes for single people as well! You can get a very small policy that will cover funeral expenses so that your family doesn’t suddenly have to go into debt in the event of a tragedy.
I recently talked to the writer from Surfing Handbook about how Sproutt is helping these kinds of people get better deals on insurance. Their review of Sproutt goes into a few details about these kinds of things such as how their Quality Of Life index can help their clients find the best coverage plans for their needs. And the Sproutt website is actually pretty fun to use – their branding is fresh and fun, and the website is clean and easy to navigate. They are clearly going for the 30’s and 40’s healthy fun demographic here.
The truth is, the life insurance industry has been pretty stagnant for a while. New companies are trying to change the perception of buying life insurance to something convenient, easy, and something that can be done from your phone. This is how current generations like to do things, and it’s being seen in renters insurance type companies such as Lemonade.
Millenials don’t want to sit down and haggle with an insurance broker anymore. They’re too busy and there are too many things vying for their attention. Plus, they’re so strapped for cash with rising living expenses that they just don’t want to go adding things to their monthly bills.
Since Millenials are also very health conscious, they are likely going to be drawn to an insurance company that recognizes this aspect of their lifestyles. This shows that the insurance company is in touch with newer models of living and how that can impact their statistics.
For those that are curious I highly recommend that they go and at least do the Quality Of Life index to see what you score. It could even give you some ideas on how to improve your overall health. I think that Sproutt is new and that this Quality Of Life quiz will expand to cover even more activities and health indicators as time goes on and they perfect their algorithms.
For now, those that are health conscious could do very well by choosing to buy insurance through a company that is looking out for those who are healthier, not only those that simply “don’t smoke”. It’s a welcome step forward for the entire industry and one that has been a long time coming overall.