For Life & Protection Insurers- A timely reminder that reforming culture, organisation and digitally transforming customer UX and workflows is as vital to Life Insurance as it is to General Insurance
"To stand out in a crowded field, Ethos uses the “the latest technology and predictive analytics,” said co-founder and Chief Executive Officer Peter Colis, and cuts out paperwork for applicants. About “99 percent of our customers had no required medical exam, blood test or traditionally lengthy approval process,” Colis said. People can instead sign up for life insurance within 10 minutes, and the company’s plans start at $6 a month -- with prices rising from there. “Using software, we can help large numbers of customers at scale, regardless of their policy size,” Colis added."
By Julie Verhage, Bloomberg Technology June 14 2018
Up next, the company will aim to win over customers who have not previously purchased insurance, in addition to trying to convince people to switch plans. According to a study by insuranceQuotes.com, a website that specializes in insurance data, more than one third of American adults currently don’t have a life insurance policy. However, competition in the space is already high, with other startups like Ladder Financial Inc. and Social Finance Inc., offering similar products. Sequoia’s Roelof Botha, who led this funding round, says he’s confident that there’s ample room for Ethos to grow.
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