Research firm Celent has given Teachers Life a 2016 Model Insurer Award to recognize that it was the first company in North America to launch a fully-underwritten, online life insurance product.

Teachers received the award at Celent's Innovation and Insight Day in New York City on April 13. As we reported previously, Teachers Life created a fully-underwritten online product that allows members to purchase individual life insurance with a 10 to 40-year term in as little as 15 minutes. Teachers notes that this process can take about 45 days on average with other insurers.

Celent judged submissions according to various criteria, including the success the company has had in meeting its business objectives, the degree of innovation shown, and excellence in technology. Celent intends to feature a case study on Teachers Life in an upcoming report to promote innovation and use of technology within the insurance industry.

“The insurance industry has been one of the slowest to innovate so our goal was to challenge the status quo and service our customers in the space where they spend most of their time – online,” comments Teachers Life president and CEO Doug Baker. “As part of a multi-year business transformation, we worked to build and deliver a fully online product to best meet the needs of our customers. To be recognized at this level for our commitment to technology and innovation is a huge honour and we couldn’t be more proud to be in such great company.”