LeapLife is said to leverage data science, its underwriting knowledge, and technology to enable consumers to apply for instant-decision life insurance policies, while offering real-time quotes
Digital life insurance agency LeapLife acquired by Even Financial. (Credit: Pete Linforth from Pixabay)
B2B fintech company Even Financial has forayed into the insurance industry by acquiring LeapLife, a US-based insurtech platform and digital life insurance agency.
Financial terms of the deal were not disclosed.
Even Financial, which is engaged in providing API for financial services search, acquisition, and monetization, said that the acquisition enables it to immediately begin its insurance capabilities.
According to the B2B fintech company, its insurance capabilities are aimed at simplifying and improving the manner in which consumers search, compare, and are matched with insurance policies.
LeapLife is said to leverage data science, its underwriting knowledge, and technology to enable consumers to apply for instant-decision life insurance policies, while offering real-time quotes. The digital life insurance agency is said to work with various insurance carriers to provide consumers a seamless experience from the start to end.
LeapLife, as a digital insurance broker, is said to offer customised life insurance recommendations based on the unique needs of customers.
Even Financial said that LeapLife’s existing platform will continue to operate from its own portal and together the firms will now provide full end-to-end, multi-carrier digital life insurance marketplace experience.
The company plans to integrate LeapLife’s technology and insurance offering further into its API in the coming weeks. By doing this, the company expects to make turnkey insurance marketplaces available programmatically to a network of channel partners.
Through the integration, the B2B fintech company also expects to expand to other insurance sectors such as homeowners, renters, and auto insurance. The company said that the expansion will add to its real-time, customised financial product offers that includes loans, savings, credit cards, and others.
Even Financial CEO comments on LeapLife acquisition
Even Financial founder and CEO Phill Rosen said: “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance.
“Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”