New Boston Mutual Whole Life Program Relies on Face-to-Face Meetings

Boston Mutual Life Insurance Company is trying to compete with crowdfunding-based funeral finance strategies by selling whole life insurance in underserved communities.

The policyholder-owned, Canton, Massachusetts-based insurer recently began sending agents to get people covered by meeting with them at their kitchen tables, face-to-face.

Especially when an insurer is selling whole life policies that build wealth over time, not just term life policies that may become unaffordable after the original coverage term is up, the policy “needs to be explained,” according to Joshua Police, the Boston Mutual executive in charge of the program.

What It Means

The new Boston Mutual effort could be a laboratory for how to manage traditional, face-to-face sales efforts in the AI age.

The Program

Boston Mutual was founded in 1891. It may be best known for insurance sold through worksite marketing programs.

The company came up with the idea for the new program, which sells accident insurance as well as whole life, after organizing eight focus group sessions.