SoFi announced two new partnerships to include homeowners and renters insurance through Lemonade and auto insurance through Root.
These partnerships round out the company’s insurance offerings, giving SoFi members access to more tools and services to protect their finances.
SoFi members will have access to best in class insurance products across renters, auto, and life insurance through Lemonade, Root and Ladder, with seamless online experiences, easy-to-understand services, and affordable rates.
“Protecting yourself and your assets is a critical and often overlooked piece of your overall financial well-being,” said Anthony Noto, SoFi CEO. “People come to SoFi to get their money right, and we’re pleased to now provide them with more tools to be able to do so by partnering with companies that share our values in ease of use, transparency, and efficiency.”
Over the past year alone, SoFi has conducted over 8,000 conversations between members and financial planners indicating that members are under- or uninsured.
“Joining forces with SoFi is a natural evolution of our product and distribution channels. Both companies are driven by customer centricity and transparency, building products that are simple, fast, and delightful,” said Shai Wininger, Chief Lemonade Maker and cofounder, Lemonade. “Offering Lemonade’s insurance product to SoFi members is just the first phase of this collaboration between like-minded technology companies challenging the financial industry status quo.”
“Our priority at Root is to put the power back into consumers’ hands by making auto insurance clear and understandable,” said Alex Timm, Root Insurance Co-Founder and CEO. “We’re excited to partner with the SoFi team as a means for members to have access to more affordable, accurate and fair auto insurance.”
Additionally, SoFi is also adding a new incentive to its partnership with Ladder following a successful initial integration last year. After conducting research that indicated millennials are surprised (and misinformed) about the affordability of life insurance, SoFi will be offering $25 to invest in stocks, ETFs, or with roboadvising through SoFi Invest for any eligible individuals who apply for life insurance through the SoFi and Ladder partnership to encourage wider understanding about the costs and benefits of life insurance.
With the expansion of its insurance offerings, SoFi fulfills its ability to offer members every financial product they may need at any stage of life. Members’ ability to protect their money is a central piece of SoFi’s mission to help its members achieve financial independence by realizing their ambitions. SoFi will continue to work with its insurance partners to offer unique integrations that help members get their money right.
Source: Company Press Release