Life Simpli is committed to reshaping the insurance landscape and making insurance accessible, transparent, and hassle-free for all

“Our goal is to empower our clients with knowledge to make an informed decision.”

With the rapid transition to digital and the growing focus on health and welfare, particularly during the COVID-19 pandemic, it became essential to provide digital solutions for buying life and critical illness insurance from the comfort of home.

Traditionally, insurance industry has been a brick-and-mortar industry which had certain inefficiencies, such as slow and manual processes, out-dated customer experiences, or cumbersome paperwork. Apart from this, the expectations of consumers have evolved, and they now demand more personalized and convenient services. Karan Jain founded Life Simpli to address these issues by providing more streamlined, efficient, and customer-centric solutions. The company offers tailored insurance products, on-demand coverage, and improved customer experiences that align with the changing demands of the modern customers.

Importantly, Life Simpli is a user-friendly insurance marketplace that enables people to easily calculate their insurance needs and apply for the appropriate insurance coverage by offering fast, real-time quotations from over 15 top insurance providers in Canada, including Manulife, SunLife, BMO, Canada Life, and Desjardins, among others. Customers may apply for coverage under some of the products without even having to undergo a medical check-up.

Life Simpli was founded in 2021 and is based in Oakville, Ontario.

The Silicon Review reached out to Karan Jain, CEO of Life Simpli, and here’s what he had to say.

Interview Highlights

Q. As a licensed independent insurance broker, what are Life Simpli’s key focus areas?

At Life Simpli, our key focus areas revolve around delivering a seamless, transparent and customer-centric experience while simplifying the insurance process for our users. Here are our main areas of focus:

Customer Experience: We prioritize creating an intuitive, user-friendly interface that enables our customers to easily navigate and access insurance products tailored to their needs. From obtaining quotes to purchasing policies, we strive to make the entire process as straightforward and efficient as possible, reducing any potential frustrations associated with insurance shopping.

Product Offerings: We continuously expand and curate our product portfolio to offer a wide range of insurance options, catering to various needs and preferences. By collaborating with reputable insurance providers, we ensure our customers have access to diverse and comprehensive coverage options.

We currently offer these products, 1) Life Insurance, 2) Critical Illness Insurance, 3) Disability Insurance – Through our live advisor Support Line, and 4) Travel Insurance - Through our live advisor Support Line.

Regulatory Compliance: We are dedicated to maintaining compliance with the intricate regulations governing the insurance industry. Staying up to date with evolving laws and ensuring our operations meet the highest legal standards are fundamental to our integrity as a responsible insurance broker platform.

By focusing on these key areas, Life Simpli aims to be a trusted and preferred destination for individuals and businesses, seeking simplified insurance solutions and exceptional service. We are committed to reshaping the insurance landscape and making insurance accessible, transparent, and hassle-free for all.

Q. How does Life Simpli bring transparency to the life insurance buying process?

At Life Simpli, transparency is at the core of our values and approach. We strive to bring transparency to the insurance industry in the following ways.

Clear and Comprehensive Information: We provide our users with clear and comprehensive information about insurance policies and products. Our platform presents detailed policy terms, coverage options, exclusions, and pricing, enabling customers to make informed decisions based on their specific needs.

Real-Time and Accurate Quotes: Life Simpli offers real-time and accurate insurance quotes from multiple insurance carriers. By providing a side-by-side comparison of available policies, users can easily see the variations in coverage and pricing, empowering them to choose the best-suited option for their requirements. We are working day and night to add more providers to our platform; our goal is to empower our clients with knowledge to make an informed decision.

No Hidden Fees or Commissions: We are committed to complete transparency in our pricing. Life Simpli does not charge any hidden fees or commissions from our users. Any compensation we receive from insurance providers is openly disclosed, ensuring complete clarity in our financial arrangements.

Q. Can you provide us with one or two success stories describing the challenges your clients faced and how Life Simpli helped them overcome those challenges?

The Life Simpli platform is not a new product but it’s a new way for purchasing the same product. The goal is to make the process easy and transparent at the same time. In today world for the same product or service the customer can receive quotes which can be poles apart and they are not sure which quote to trust. Our goal is to have all the providers under one roof so that the client can make an informed decision.

There are numerous success stories; one in particular was this young couple; they tied the knot and began their journey as a new family. They recognized the importance of securing their loved ones and assets through insurance coverage. Uncertain about where to start, they sought guidance from Life Simpli. With user-friendly tools and personalized recommendations, they easily explored various insurance options tailored to their family’s needs. Transparent policy information and expert support from Life Simpli’s team helped them confidently select comprehensive life and health insurance policies. A year later, when an unforeseen medical emergency arose, the couple found comfort in their decision to choose Life Simpli as our advisors were supportive and walked the client through the process. As their family grew, Life Simpli’s continuous coverage reviews ensured their policies adapted to their evolving circumstances. With Life Simpli as their trusted insurance partner, the couple enjoys the peace of mind that their family’s future is protected, empowering them to embrace life’s adventures with confidence.

Q. Tell us, what’s next for Life Simpli?

Before COVID-19, the insurance sector in Canada worked in a highly conventional manner for the previous few decades. It was very reliant on face-to-face meetings, paper applications, and manual procedures. The COVID-19 pandemic served as the impetus for this sector’s much needed development. The insurance sector has seen rapid change since 2020 and is still changing now. Life Simpli is continuously trying to improve the system since it is aware of how quickly the industry is changing and wants to stay one step ahead of the competition. One way to further streamline the process is to standardize the API across all insurance companies, allowing businesses like Life Simpli to further automate it by linking end customers to insurance providers directly and cutting processing times. Another change to anticipate is the creation of sophisticated artificial intelligence supported software, which has the potential to fully automate underwriting, compliance, and, in certain circumstances, even the distribution of insurance contracts to the customer. The entire turnaround time will be greatly shortened by doing this.

Personally, I am dedicated to streamlining the insurance purchasing experience and will keep pursuing this goal by continually developing innovative, customer-first tools and methods to guarantee the business keeps providing people with prompt, jargon-free insurance in accordance with their needs. My goal is to ultimately cross the border after first expanding to other Canadian provinces.

Karan Jain | Founder & CEO

Karan Jain is a dynamic entrepreneur who has made significant strides in the insurance and financial services industry. Since 2017, Karan has been the driving force behind another successful insurance firm that specializes in serving High Net Worth Individuals (HNWIs) for comprehensive financial planning. With a solid background in the field since 2015, Karan’s journey laid the foundation for the inception of Life Simpli.

“I am dedicated to streamlining the insurance purchasing experience and will keep pursuing this goal by continually developing innovative, customer-first tools and methods to guarantee the business keeps providing people with prompt, jargon-free insurance in accordance with their needs.”