(Image source: Bestow homepage.)
Transamerica (Cedar Rapids, Iowa) has announced a strategic partnership with Bestow, a Bestow Inc. (Dallas), a startup digital life insurance platform, carrier and distributor. Transamerica and Bestow will offer customers what a joint statement characterizes as an intuitive digital platform with enhanced self-service options for Transamerica’s life insurance products. Transamerica and Bestow say they have aligned behind the mission to empower people to create a better tomorrow through saving, investing, and protecting their loved ones.
“We are excited that Bestow will be building out a platform that redefines the Transamerica experience with our agents and clients,” comments Andrew DeMarco, Head of Life Solutions, Transamerica. “Powered by Bestow technology, Transamerica will be able to enhance not only the way we engage with new clients—digitally and in minutes—but also how we provide service throughout the policy lifecycle.”
The Bestow platform is designed to simplify the insurance application process for customers and agents and, in most cases, speed up the process from application to decision in less than ten minutes. The partnership will allow Transamerica to provide new products, including new final expense offerings, with enhanced customer experience while keeping a focus on quality and sound financial products that help bring people peace of mind, the joint statement says.
Increased Digital Access to Financial Products
“Partnering with Transamerica to reimagine the application, underwriting, and policy issuance of new products on our platform has been rewarding for both teams,” comments Melbourne O’Banion, co-founder and CEO, Bestow. “This is only the beginning of a fantastic partnership that will provide their agents and customers with increased access to financial products through a best-in-class, convenient, digital buying experience.”
Aiming at the underserved middle market, Transamerica’s partnership with Bestow will offer customers and insurance agents a streamlined application experience. The new customer digital footprint will also enhance Transamerica’s ability to support customers after they have purchased a policy, the companies say.
The collaboration with Bestow is part of Transamerica’s strategy to accelerate growth and build America’s leading middle market life insurance and retirement company. The companies characterize that approach as an example of Transamerica’s continued investment in product manufacturing capabilities and operating model to provide a differentiated customer experience.