According to Ladder Insurance, the rollout in New York marks the completion of the launch of the LadderLife life insurance product across the US
Ladder Insurance Services, a US insurtech company, has secured regulatory approvals to launch the LadderLife term life insurance product in New York.
The life insurance product will be issued by Allianz Life Insurance Company of New York (Allianz Life of NY) in New York, starting from January 2020, said the insurtech firm.
In all other states and Washington DC, Ladder Insurance’s term policies are issued by Fidelity Security Life Insurance.
The insurtech company said that the rollout in New York marks the completion of LadderLife’s launch across the US.
Allianz Life of NY president Eric Thomes said: “This business relationship with Ladder will allow us to provide consumers in New York with a flexible term policy designed to help them manage risk and protect their financial future.
“We are always looking for new and innovative ways to expand our product offering and the Ladder platform offers consumers a simple and intuitive application process to get the coverage they need.”
Ladder Insurance claimed that New York residents can avail quick application process, flexible coverage, and real-time underwriting that have been offered by it in other states. The company began offering its products in California in 2017, and in the following year, expanded to other states in the US.
Ladder Insurance CEO comments on the LadderLife rollout in New York
Ladder Insurance CEO and co-founder Jamie Hale said: “New York residents will be able to access our smart, instant application process to get flexible life insurance with no hidden fees. They can apply in minutes and can adjust as their needs change.
“It has long been our goal to be able to serve families nationwide, and we are excited that the day is nearly here.”
The insurtech firm also claimed that it can extract tens of thousands of data points in real-time to give instant decisions to people, and give them the scope for a fully-underwritten term life insurance policy online in nearly four minutes if eligible.
Furthermore, people can access the company’s site at any time, while the coverage offered is said to be dynamic, giving customers the ability to decrease or increase it in a few clicks.
In September 2019, the insurtech company launched a new solution for advisors, called Laddering Scenarios solution. The solution is said to help advisors identify the potential savings available to clients who prefer to manage their life insurance coverage over time.