(Image source: Bestow homepage.)
Bestow Inc. (Dallas), a startup digital life insurance distribution company, has embarked on a partnership with Munich American Reassurance Company (Princeton, N.J.), the U.S. life and disability reinsurance division of Munich Re, and North American Company for Life and Health Insurance, a member company of Sammons Financial Group (Chicago), to develop new life insurance products for Bestow’s distribution platform. Bestow’s partnership with Munich Re and North American follows the company’s recent announcement of closing $2.5 million in seed funding, led by NEA.
Bestow characterizes the partnership as an example how insurance industry leaders are working with insurtech to redefine how the industry collaborates and goes to market. The company says the three brands are actively working on products that will premiere as part of what Bestow characterizes as its full stack, digital platform due to debut later this fall. The company says that upon launch it will provide consumers a new way to research, buy, and manage life insurance with product options that are affordable, simple to understand, and seamless to purchase.
“Life insurance is more than a financial product; it helps protect futures and builds hope,” comments Melbourne O’Banion, co-founder and CEO, Bestow. “The millions of people who worry about their protection and remain without coverage deserve a solution that is backed by some of the best in the business. Having products issued by North American and assured by Munich Re helps give peace of mind.”
Consumer-First Approach to Popular Products
“Rethinking life insurance starts by taking a close look at high-demand products and then rebuilding with a customer-first mentality,” comments Jonathan Abelmann, co-founder and President, Bestow. “We’ve been fortunate to work with Munich Re and North American on this effort, benefitting from their in-depth market expertise and data to develop unparalleled digital solutions capable of serving millions of customers.”
“Digital distribution is an innovative means of improving the customer experience and increasing life insurance accessibility,” said Michael Taht, executive VP, research, analytics and underwriting, Munich Re. “Our partnership with Sammons and Bestow will give consumers access to trusted products while they leverage technology to deliver a user-focused, online solution to buying life insurance.”
“Today, there are millions of consumers who need and want life insurance, and many of these consumers are not using a traditional agent to purchase coverage,” comments Steve Palmitier, President and Chief Operating Officer, North American. “Bestow offers a creative solution that enables us to reach those consumers who prefer a digital purchasing experience. Together we are developing great life insurance products that will give these consumers exceptional, cost-effective, and personalized options.”