Covr Financial Technologies, Americo Life, Inc. and SCOR launched the LoanMatch Protector product. This is a first-of-its-kind life insurance policy that is customized to a consumer’s specific loan amortization schedule, according to a press release.
Loan originators and brokers are able to offer the product during or after the closing process of a loan. The product can be digitally integrated into any platform that an LO or broker uses, which also makes it easier for consumers to apply and receive approval. It can also serve as an additional profit center for a mortgage company or lender, with the ability to receive a commission on policies that are purchased.Read More...
Insurance simplified for Americans looking for online insurance solutions from trusted financial brands
HARTFORD, Conn., Dec. 1, 2020 /PRNewswire/ — Covr Financial Technologies today announced a sweeping set of enhancements for insurance solutions for customers of financial brands. Covr’s market-leading digital consumer insurance platform has long enabled consumers to get quotes, apply, and buy easily online from multiple top carriers through platforms white labeled for advisory firms, banks, credit unions, personal finance apps, and other financial brands. This release follows sales growth of 250% in 2020 compared to 2019 as consumer preferences continue to shift to digital sales driven by online support tools.Read More...
Covr Strengthens Consumer Platform Capabilities with Hire of Todd Ewing
HARTFORD, Conn., Sept. 23, 2020 /PRNewswire/ — Covr Financial Technologies (Covr) continues to see significant growth in its consumer business and is pleased to announce Todd Ewing as the Head of Direct Distribution. Todd comes to Covr with nearly 30 years of experience in insurance direct distribution and direct-to-consumer leadership, including leadership roles at SelectQuote, InsWeb, and Transamerica. For the past 9 years he has also served as executive consultant for dozens of direct marketers, brokerage general agencies and insurtech companies, and helped build and run numerous start-ups.
Todd will be responsible for the Covr Consumer platform which includes leading the consumer sales team as well as significant involvement in account management, product development, business development and setting the overall vision for Covr’s consumer division. Todd’s decades of work around enabling customers to find the right policy to fit their needs using technology will be vital as banks and credit unions continue to develop their insurance offerings.Read More...
As more advisors and consumers turn to online and virtual settings to offer and receive advice, they’re accelerating the insurance industry’s digitization, according to the CEO of digital insurance platform Covr.
Within 12 months, advisors and consumers on Covr’s platforms using fully digital journeys for insurance increased from 10% of sales to now 62% of sales.
“Our sales through financial advisors at Covr are 59% higher than last year,” said Mike Kalen, Covr’s founder and CEO. “Sales in our direct-to-consumer channel are up by 270%. Both those channels have been positively affected by consumer attitudes towards life insurance during the pandemic.Read More...
Capital raise helps accelerate digital innovation in life insurance simplification
Hartford, CT (July 28, 2020) – Covr Financial Technologies (Covr) announces an additional round of investments from Connecticut Innovations, Fairview Capital, Aflac Ventures and its existing investors totaling $7.5 million. This is Covr’s third fund raising round and provides further validation of Covr’s differentiated insurance technology and customer experience. Covr, started in 2016, remains focused on its mission of simplifying the life insurance sales process for financial institutions, financial advisors and their customers.
Covr simplifies the insurance journey for over 25,000 financial advisors and 20 million customers of financial institutions. Their ‘digital first’ approach to life insurance, long-term care, disability income insurance and supplemental insurance products has dramatically simplified the process for financial advisors and financial institutions to offer protection products to their clients.
“Covr is pleased to add Connecticut Innovations, Fairview and Aflac Ventures to our investors. Their support will help us continue to grow and bring digitally-enabled insurance solutions to the market that make insurance simpler and more accessible,” said Mike Kalen, CEO, Covr. “Our choice-based model provides fast, competitive and streamlined solutions tailored to the needs of financial institutions and their customers. Our next series of innovations will use enhanced AI, big data, and predictive tools to create the best journey and best product fit for our customers.”
Covr also plays an active role in the thriving insurtech community in Connecticut and is an example of insurance innovation in the state’s capital city of Hartford. “Connecticut Innovations is thrilled to invest in Covr and we’re confident that its digitally-enabled sales and service models will continue to lead innovation in the insurtech space,” said Peter Longo, Senior Managing Director at Connecticut Innovations.
Covr partners with financial institutions to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted insurance products from leading insurance carriers, advanced insurance planning solutions, an easy way to compare rates, and the ability to purchase within minutes. Through its white-label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr currently serves over 25,000 financial advisors and 20 million customers across 30 financial institutions. For more information, visit covrtech.com or follow us @covrtech and LinkedIn.
Covr’s investors include eight leading venture capital firms: Nyca Partners, Commerce Ventures, Allianz Life Ventures, Connectivity Capital Partners, Contour Venture Partners, Aflac Ventures. Fairview Capital, and Connecticut Innovations. Covr’s Advisory Board includes financial services leaders, including Chairman Brian Finn, former president of Credit Suisse First Boston; Joe Plumeri, Vice Chairman of the Board of Directors of First Data Corporation and former CEO of Citibank North America; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; Brady Dougan, former CEO of Credit Suisse; Gregg Fleming of Rockefeller Capital and Bob Kerzner, formerly CEO of LIMRA.Read More...
That technology transformation crept closer at a glacial pace until the COVID-19 pandemic pushed an industry that relies on face-to-face contact to accelerate its plans.
And something happened along the way to the new cyber-reality: insurers, middlemen and agents all learned they can rely on technology to forge a new way of selling insurance products.Read More...
“There absolutely has been a significant uptick” in demand for life insurance and annuities, says John Yackel, Envestnet’s head of strategic initiatives. More than 100,000 advisors have used the firm’s Insurance Exchange, he says, adding, “People are looking at different options for the way they deliver a plan.”Read More...
The Wall Street Journal recently ran a prominent article about COVID-19, low interest rates and investment market turmoil reducing U.S. consumers’ access to life insurance.
Some life and annuity distributors post streams of copyrighted, for-financial-professionals-only carrier product announcements on the web. The streams are shielded from general public eyes mainly by the fact that members of the general public aren’t typically scouring the web for glimpses of carrier product announcements. Those announcements show that many carriers have been lowering crediting rates on annuities and limiting or eliminating the sale of benefits guarantees.Read More...
HARTFORD, Conn., Feb. 26, 2020 /PRNewswire/ — Covr Financial Technologies (Covr) and Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), are today announcing a partnership that helps more customers purchase the life insurance protection they need. This new collaboration brings products sold by Haven Life to the financial institutions that use Covr’s industry-leading, white-labeled digital life insurance platform.
“Covr and Haven Life share a common vision to help people secure life insurance in the most efficient and cost-effective way,” said Mike Kalen, Covr CEO. “We’re thrilled to add Haven Life to our platform. Their leadership in simplifying and tailoring insurance solutions to customer needs stands out as an industry innovator.”
The partnership between Covr and Haven Life enables both insurtech leaders to reach an increasing number of financial institutions and their customers with high-quality and affordable life insurance options. Covr’s white-labeled digital consumer life insurance platform includes single session ‘apply and buy’ insurance, multi-carrier insurance solutions, needs analysis tools, educational content, and telephone-based sales support.
Through the Covr platform, customers at banks and credit unions can now purchase the Haven Term policy — a fully underwritten term life insurance policy issued by MassMutual. Customers who choose Haven Life can apply online and, if approved, purchase life insurance from any device, in a matter of minutes. In addition to the affordable coverage issued by a reputable insurer, eligible customers will gain access to Haven Life Plus, an innovative rider that provides valuable no-cost benefits, including a digital will service, an on-demand fitness app, a digital document storage vault and more.
“I started Haven Life to make buying life insurance simple for busy families like mine,” said Yaron Ben-Zvi, CEO of Haven Life. “I’m proud to have our products featured on Covr’s platform and am excited about the impact the partnership has already had to date. We look forward to continuing to expand access to affordable and convenient life insurance coverage through Covr.”
About Covr Financial Technologies Inc.
Covr partners with financial institutions to provide life insurance solutions to their customers in an efficient, easy way that streamlines the process of selling and buying policies. Covr offers a choice of trusted life insurance products from leading insurance carriers, an easy way to compare rates, and the ability to purchase policies within minutes. Through its white label solutions, Covr helps financial institutions deliver a great experience under an existing brand their customers already trust. Covr currently serves over 25,000 financial advisors and over 10 million customers across 30 financial institutions.
Covr’s investors include four leading venture capital firms: Nyca Partners, Commerce Ventures, Connectivity Capital Partners and Contour Venture Partners. The Covr Advisory Board includes several well-recognized leaders in financial services and insurance, including Chairman Brian Finn, former president of Credit Suisse First Boston; Sallie Krawcheck, CEO and co-founder of Ellevest as well as senior executive roles at Bank of America, Citigroup and Smith Barney; Hans Morris, managing partner, Nyca Partners, chairman of Lending Club, formerly president of Visa; and Brady Dougan, former CEO of Credit Suisse. Covr has offices in Boise, ID and Hartford, CT.
About Haven Life
Haven Life Insurance Agency, LLC is a life insurance startup, backed and wholly owned by MassMutual, that offers a simple online experience for buying high-quality and affordable coverage. Driven by a mission to make life less hard, we’re committed to changing life insurance so that it’s less time-consuming and far more rewarding.
Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively through Haven Life Insurance Agency, LLC. Policy and rider form numbers and features may vary by state and may not be available in all states. In NY, Haven Term is DTC-NY 1017. Our agency license number in California is OK71922 and in Arkansas, 100139527. Most applicants will need a medical exam, which they schedule at their convenience, to finalize coverage.
Haven Life Plus (Plus) is the marketing name for the Plus Rider which is included as part of the Haven Term policy. The rider is not available in every state and is subject to change at any time. Neither Haven Life nor MassMutual are responsible for the provision of the benefits and services made accessible under the Plus Rider, which are provided by third party vendors (partners).Read More...