InsurTech

Instant AI-powered Life Settlement Calculator: Interview with Lucas Siegel, founder and CEO of Harbor Life Settlements. 

Many people don’t realize their life insurance policy is one of their largest assets and can help fund medical expenses, reduce your monthly expenses and give you peace of mind. Harbor Life Settlements aims to help you achieve all these with the help of an instant AI-powered life settlement calculator. The CEO Lucas Siegel, will be sharing more details with us in this interview with TechBullion.

Please tell us more about yourself?

My name is  Lucas Siegel and I’m the CEO of Harbor Life Settlements & Harbor Life Brokerage, which offers the world’s most advanced life settlement auction site and the first-ever AI-powered life settlement calculator. Since its launch in early 2020, Harbor Life Online Exchange has listed hundreds of millions in life insurance policies for sale and has been pivotal in transforming the industry standard. I’ve always been captivated by finance and passionate about disrupting traditional verticals such as the life settlement industry. 

Being originally from Colorado, I graduated from the University of Colorado Boulder’s Leeds School of Business in 2013. After spending several years in private equity, I transitioned to running Harbor Life in 2017 where I’ve actively shaped and influenced the future of finance out of Austin, Texas.

What is Harbor Life Settlements and what unique services do you provide?

Harbor Life Settlements is reimagining an asset class by helping seniors and the chronically ill sell their life insurance policies on the secondary market for the maximum cash value so they can comfortably afford their long-term care, medical expenses, retirement, and more. For those that aren’t familiar, a life settlement is the sale of a life insurance policy by its owner to a third party for a one-time cash payment. Harbor Life is a full-service shop when it comes to the sale of a life insurance policy, from getting medical records and price predictions, to facilitating auctions and more.

Harbor Life recently built the world’s first AI-driven life settlement calculator, which can predict the resale value of a life insurance policy in minutes. Harbor Life is taking the mystery out of life settlements through increasing awareness and transparency for policyholders and their families. 

Who qualifies for a life settlement and how do consumers know if it’s the right option for them? 

You must be at least 75 years old with a life insurance policy worth over fifty thousand dollars to qualify for a life settlement. Younger policyholders with health impairments may be eligible for a viatical settlement.

To understand if a life settlement is the best option, consumers need to look at the future costs of maintaining the policy versus selling and reinvesting that money elsewhere. The top fear among retirees is outliving their money; many people find that they’ll need more than they originally saved for. If that’s a real possibility, you need to look at liquidity options and make the decision that will best benefit you and your family. 

Tell us more about your new life settlement calculator “My Policy Predictor”, what is the technology behind it and how does it work?

“My Policy Predictor” uses a novel machine learning algorithm designed specifically for the life settlement industry to evaluate life settlements. It uses a small number of easily discoverable variables like age, gender, policy type, and carrier, to evaluate a policy based on its similarity to other policies in our policy database. The policy database consists of thousands of manually tabulated policy details produced by the industry’s leading experts in life settlements, making it easily one of the deepest and most valuable data sets in the life settlement space.

Our machine learning algorithm has successfully reverse-engineered some of the most complex pricing heuristics used by top investors in the life settlement space to extract settlement value from existing Universal Life policies. Further, by leveraging our unique deal-flow experience, we are able to match policyholders to the best of many different underlying settlement strategies according to their age, health, and policy type.

Who are the brains behind the “My Policy Predictor” tool and what makes them special?

The “My Policy Predictor” tool was created by a team of mathematicians, actuaries, and artificial intelligence (AI) developers. Chris Conlan from Conlan Scientific, a financial data science consultancy, worked closely with myself and the rest of the Harbor Life team to develop the calculator’s proprietary machine-learning algorithm developed using data from thousands of real life settlement transactions. 

Who is the “My Policy Predictor” for, what is the level of demand for this tool and what makes it special?

There are three versions of “My Policy Predictor”, one for policyholders, financial professionals, and bulk uploaders. Each version requires the end-user to fill out a short questionnaire about the policy that generates the report.

 The “My Policy Predictor” version for financial professionals  is giving their clients transparency into the true market value of their assets so they can make the most informed decisions for themselves and their family. This version also allows users to receive a PDF version of the report that can be customized with their company’s branding and easily converted into a brochure, postcard, or email to assist with client communications. The bulk uploader version helps give financial advisors the full picture of their client’s assets by pulling life settlement estimations for thousands of clients near instantaneously, to provide the most accurate financial advice. For instance, insurance agents can incorporate “My Policy Predictor” into their annual policy reviews to assess liquidity options.

As for consumers, everyone has the right to know the value of their assets. Just like Zillow allows consumers to assess the value of their property, “My Policy Predictor” uses personal, health, and policy information about the insured to provide the estimated policy value on the secondary market and a life settlement reinvestment analysis. This instant and effortless calculation compares the cost of maintaining a life insurance policy to receive the death benefit versus cashing the policy out via a life settlement, so consumers can have full transparency into their financial options.

Are there any updates or future plans for the “My Policy Predictor” tool?

As the market continues to evolve, we’re incorporating additional policy types that can be accepted and taking on additional underwriting models. For instance, there are new funds that allow investors to buy policies on younger, healthier people as opposed to just folks 75 and over or those with health impairments. 

We’re also working on incorporating a whole life loan program underwriting feature into My Police Predictor. This would allow users to get out of high interest rate loans or access the cash value of their whole life policy without tax consequences.

Any available opportunities for investors or partners on your projects at Harbor Life Settlements. Do you have more information for our readers today?

Harbor Life has secured series A funding but is open to strategic investors and partners as the company scales. If interested, you can visit our website for contact information. 

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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