Waterlily Launches AI-Powered Quote-and-Apply Platform to Revolutionize LTC Insurance
Waterlily, a financial technology company specializing in long-term care (LTC) insurance, has launched a new AI-driven Quote-and-Apply platform to streamline and optimize the process of selecting and purchasing LTC insurance policies. This platform leverages machine learning algorithms trained on over 500 million data points to analyze hundreds of thousands of policy configurations instantly, providing users with mathematically optimized policy options tailored to individual or couple needs. The technology addresses traditional challenges in LTC insurance shopping by eliminating prolonged manual analysis and reducing decision paralysis for families and advisors.
Beyond policy selection, the platform incorporates AI to simplify application procedures. It reads consumer medical information and compares it against carrier underwriting guidelines to highlight potential obstacles and routes for approval. This feature shortens the approval timeline significantly by reducing manual back-and-forth communications. Additionally, the AI pre-fills or skips more than 70% of application fields based on known applicant data, considerably lowering application completion time and complexity.
Waterlily's Quote-and-Apply platform is currently integrated with products from Nationwide, OneAmerica Financial, and CareScout, offering a neutral and comprehensive analysis compatible with policies from any carrier. This integration facilitates automatic quoting, policy optimization, and guided application submission within one unified marketplace.
Central to the technology is Waterlily's LTC needs prediction engine, which moves the industry beyond generalized averages to personalized care planning. By forecasting an individual's likely care journey—including timing, support level, local costs, and family impact—the platform enables more precise financial planning and risk assessment. It also features a claim return-on-investment (ROI) simulator that visualizes premium spending, out-of-pocket risks, and policy performance, allowing users to make informed comparisons among complex LTC insurance options.
Since its launch in March 2024, Waterlily has partnered with major LTC insurance carriers, distributors, and brokerage agencies. The platform aims to aid wealth advisors, agents, and families in navigating LTC planning, offering a modern, data-driven alternative to the historically complex and opaque LTC insurance market. This innovation may influence market dynamics by accelerating policy sales and improving customer experience through AI-enhanced underwriting and application processes.