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Life Settlement Brokers Become Obsolete With New Website
Oceanside, CA 6/27/09
The Life settlement industry, while relatively new, hasn’t benefited from technological advances as much as other segments of the financial services sector. A life settlement occurs when someone sells their existing life insurance policy for an immediate lump sum payment. Life settlement brokers, the middle men in the process, work on behalf of consumers to negotiate the highest offer for their insurance policy from buyers such as investment banks, hedge funds, investment funds and other financial institutions. This traditional bricks and mortar, labor intensive approach contributes to the highest transactional cost of any asset class. Consumers often end up selling similar policies for far different prices as the knowledge and size of buyer networks varies greatly among life settlement brokers.
To address the inefficiencies of this $15 billion market and disparity among brokers, Amrita Financial just unveiled a new web based, do it yourself life settlement tool. The new electronic marketplace platform at www.AmritaFinancial.com provides consumers with a direct conduit to the financial institutions that buy life insurance policies and enables them to autonomously complete a life settlement without using a broker.
Once at the website consumers are able to receive a number of competitive offers from a very large pool of financial institutions. In addition, policy sellers earn a refunded amount of the commission paid by institutional buyers on top of the amount they receive for actually selling their policy. The website also features a number of tools that provide valuable market information such as the estimated value of a policy, market demand, number of prospective institutional buyers, potential commission refund and of course real time access to offers. This information is typically not readily available to consumers before starting the life settlement process when using brokers. The increased transparency during a life settlement is a welcome feature in an industry often criticized for its opaqueness.
Vice President of Technology, Kevin Mathis said “creating an electronic marketplace that accommodates the unique life settlement intricacies and involved process took our team several months of intensive development.” When asked how the new life settlement tool has been received, he said “AmritaFinancial.com has had a really great reception from just about everyone except life settlement brokers. But maybe, that’s how we know we are doing something right.”
Amrita Financial is a web based, do it yourself life settlement service that enables consumers to autonomously sell their life insurance policy to financial institutions without using a broker. In addition, Amrita Financial pays consumers a refunded portion of the commission paid by the buyers in life settlement transactions. Amrita Financial Inc. was established in 2008 to better serve those that want to sell their life insurance policies in a life settlement.