Just as Ma Bell Went Wireless, Farmers Life Insurance Has Gone Paperless

Taking advantage of emerging technology to limit drudgery, provide more time, and solve customer problems, Farmers New World Life Insurance Company, a member of The Farmers Insurance Group of Companies, has introduced a new product called Simple Term Life.

“Simple Term Life is a revolutionary life insurance product that provides fast and simple insurance solutions, while leading the industry in paperless technology application,” noted Mike Keller, vice president life marketing, Farmers New World Life Insurance Company.

An early adopter of technology, Farmers Life developed Simple Term Life to drive innovation to the business process. Like the movement from rotary phones to mobile devices to make quick and global connections, Simple Term Life eliminates time-consuming life insurance purchasing steps by utilizing electronic technology and online capabilities to deliver fast results.

“The message behind Simple Term is that life insurance purchases don’t have to be complicated and time consuming. After carefully considering a life insurance purchase, consumers want the balance of the process to be fast, simple, and easy,” said Keller.

Simple Term Life is an affordable series of level term products (10, 20, and 30 year level term) with guaranteed premiums, and for the first time ever, a Farmers Customer Rate for life insurance. Coverage is available up to $150,000. The overwhelming consensus from Farmers agents is that writing a Simple Term Life policy is as easy as writing an auto or home policy. While meeting with an existing Farmers auto or home insurance customer, agents can submit a Simple Term application and in most cases have an underwriting decision the same day.

“Farmers Simple Term Life eliminates lengthy forms, lab work, and medical exams turning weeks and days into minutes and seconds. What could take other companies 20 days, Simple term Life can do in six minutes or less,” Keller continued. “Completing a Simple Term Life application and receiving an underwriting decision has been dramatically reduced, allowing the product to mix seamlessly into the agents’ sales process,” he added.

“Simple Term Life is reinventing the way Farmers agents and customers view life insurance. Thanks to this innovative product and process, writing life insurance policies is no longer complicated. It simply makes life easier,” said Jerry Carnahan, chief marketing officer, Farmers Insurance Group of Companies.

The Farmers Insurance Group® of companies comprise the nation’s third-largest personal lines property & casualty insurance group – helping to restore the lives of over 15 million customers when the unexpected happens. Headquartered in Los Angeles and doing business in 41 states, these companies provide homeowners, auto, business, life insurance, recreational products and financial services to more than 10 million households through 17,000 exclusive and independent agents and district managers.

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Contacts

Farmers Insurance Group

Jerry Davies, 323-932-3662
Jerry.davies@farmersinsurance.com

© Business Wire 2007