Buying a life insurance policy may not be the first thing on your mind today, but it’s something I’ve been thinking more about as I get older and look towards starting a family. I recently stumbled across the new company Sproutt, which is aiming to combine data analytics and life insurance to actually reward those with healthy lifestyles with better insurance rates.
As surfers, we are generally healthier than the average population. Surfing is both physical exercise and mental relaxation – a two in one effect and an almost active meditation. Sproutt might actually allow you to use this to your benefit to find the best plan pricing. I thought this was a very interesting concept and wanted to explore it further, so I got in touch with Sproutt to ask them a few questions and test out their application process.
Reversing An Industry Of Negatives
Typically life insurance (and other insurance) punishes for negatives – the more you have, the higher you’ll pay. Smoking. Cancer. Traffic tickets. Sproutt seems to be coming at the industry from an entirely new angle – rewarding customers for positive life habits such as exercise, good sleep, nutrition, and even family pets.
Surfers skew towards the more healthy crowd…we typically have a better pulse on our overall health (because we want to keep surfing!), and tend to augment surfing with things like yoga, cross training, as well as other healthy activities.
Let’s face it – the prospect of shopping for a life insurance policy brings with it very negative associations. Not only does it bring up the specter of death, it also plunges you into an industry of negatives and “data spaghetti” that can be confusing and depressing to deal with. Sproutt is trying to turn these things around with a fresh attitude.
Quality Of Life Index
Sproutt has an online quiz that measures a “Quality Of Life Index” where they ask you a few questions about your overall health and well-being. Questions range from how much sugar you eat to how much sleep you get per night and whether you have any pets. The quiz is given in a chat room-esque dialog and only takes about 5-10 minutes.
The results are used to help you find a best fit policy. When I took the quiz I was rated as a “Master”. It seems that if I eat less fast food (I don’t really eat much fast food but they lump “processed” food in there, which I wasn’t quite sure how to apply) and have a more positive outlook on life (unfortunately for me I skew more pessimistic) I could edge my way into “Guru” status.
According to Sproutt’s CEO Yoav Shaham they have dubbed their system “GAIA” which stands for Guided Artificial Intelligence Assessment. It can help you find a best fit insurance plan for your overall lifestyle–potentially saving you quite a bit of money in the end.
If you want to check your own QL Index you can do one on their site…it’s actually pretty fun:
Easy To Apply
As I was going through the application process I was struck with the overall ease of the process. The website is very slick and easy to read. The forms are clear and honestly it was kind of fun in a weird way. Sproutt aims at having a friendly site that doesn’t take itself too seriously, and this feels way less intimidating than many other insurance companies.
The Value Of Data
Sproutt’s founders don’t come from a life insurance background. Instead, they come from a data technology background that they want to aim at the life insurance industry. Their proprietary AI could definitely revolutionize the industry.
Normally the process of buying life insurance can be arduous. Underwriters can often end up quoting you wildly different amounts than the quotes you get from most online applications. This is because the “old” method of doing things really didn’t take into account how each company reacted to each individual’s personal medical history and habits.
For example, one company could end up charging you much more simply because you once smoked weed a year ago. Another company may not consider this an issue. It really depends. Even experienced life insurance sales agents don’t always know what companies are best for which people because there are just too many variables. Sproutt is aiming to solve this mess of data and make things much easier and streamlined.
So What Does This Mean For You?
Life insurance is a very personal issue. But as you age and start a family and gain dependents, it can be a crucial asset. The percentage of people carrying life insurance has been dwindling over the years, probably due to negative connotations and an overall perception of the industry as predatory and negative.
Sproutt is trying to turn that around, and with their ease of use and friendly outlook, I definitely recommend giving them a look. Click here to check out their website.