Lyfery utilizes a proprietary scoring model that evaluates individual health behaviors through data analytics and machine learning to determine personalized life insurance premiums. This approach addresses the issue of standardized pricing in life insurance by offering fairer rates based on the insured's health choices, ultimately leading to significant cost savings for health-conscious customers.
Funding
$60K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional life insurance pricing often relies on broad demographic data, potentially overlooking individual health behaviors and choices that significantly impact mortality risk. This can lead to unfairly high premiums for health-conscious individuals who are statistically less likely to require payouts.
Solution
Lyfery offers personalized life insurance premiums by utilizing a proprietary scoring model that evaluates individual health behaviors through data analytics and machine learning. By factoring in specific health-related choices, Lyfery provides fairer and more accurate rates that reflect an individual's actual risk profile. This approach rewards health-conscious customers with lower premiums, resulting in potential cost savings compared to traditional life insurance offerings. Customers complete a health questionnaire, and their responses are used to calculate a personalized Lyfery score, which directly influences their annual insurance payments. Lyfery also offers optional health packages, such as health consulting and health audits, to further tailor the insurance solution to individual needs.
Target Audience
Lyfery primarily targets health-conscious individuals who believe their lifestyle choices warrant lower life insurance premiums than those offered through traditional, broad-based risk assessments.
Features
- Proprietary scoring model that analyzes health behaviors to determine personalized life insurance premiums
- Dynamic pricing that adjusts annually based on changes in health behaviors
- Optional add-on packages for health consulting and health audits
- Digital application process for easy and transparent policy setup
- Mobile accessibility for convenient policy management