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Bestow Inc. (Dallas), a startup digital life insurance platform, has announced the completion of its acquisition of Centurion Life Insurance Company, a Des Moines-based insurer with licenses in 47 states and the District of Columbia. Bestow says that with closing of this life insurance carrier acquisition, Bestow gains the autonomy to design and launch a suite of innovative financial protection products on its platform, furthering its mission of making coverage accessible to millions of underserved families.
“Meeting the regulatory and seasoning requirements to be a nationally licensed life insurance company is incredibly challenging, but worth the effort required to continue pioneering new solutions,” comments Melbourne O’Banion, CEO and Co-founder, Bestow. “We’re leaders in building digital life insurance infrastructure that solves highly complex industry pain points, so creating innovative products is a natural next step for us. As the first full-stack challenger carrier, we are excited to continue reimagining product design from the ground up as we expand the life insurance market to new customers and partners.”
In addition to launching new products offered by Bestow Life Insurance Company (BLIC), the company will continue to operate as an agency and third-party administrator, selling policies issued by its partner North American Company for Life and Health Insurance.
Bestow reports that it is growing rapidly across its business lines, having doubled its year-to-date revenue. Bestow reports that it has hired nearly 80 new team members in the past 90 days and plans to hire another 70 by the end of 2021 to capitalize on numerous opportunities ahead.
Bestow uses its technology stack as a key differentiator, enabling the company to operate as both a life insurance provider and software company. With Bestow Protect APISM, partners such as Lemonade can seamlessly embed digital life insurance offerings into their ecosystem — increasing revenue, retention and lifetime value. Bestow is also onboarding traditional carrier partners that license Bestow’s platform to transform their insurance business with modern technology and best-in-class operations.
“We built our platform to power the best possible life insurance products—whether they are issued by Bestow Life or a trusted carrier partner,” comments Jonathan Abelmann, President and Co-Founder, Bestow. “By offering a more robust product suite on our platform, we can provide partners with personalized life insurance experiences that meet the unique needs of their customers.”