Ethos, the specialty wholesale life insurance broker, has announced that it is partnering with Munich Re on the provision of reinsurance services, and is working with Assurity Life Insurance, a mutual insurance organisation, as its underwriting partner.
The partnerships will enable Ethos to better deliver its digital life insurance solutions to consumers, which aim to modernise the insurance process using predictive analytics and a software-based platform.
Leveraging technology in this way allows Ethos to reduce insurance application times to just ten minutes, and means most customers are not required to undergo a medical exam or blood test in order to receive a policy.
“Ethos is succeeding at moving life insurance online. Together with Ethos and Assurity, we are advancing direct-to-consumer underwriting and distribution.” said Mike Taht, Executive Vice President of Research, Analytics and Underwriting at Munich Re.
“Ethos offers a creative and easy solution that enables us to reach American families where they are. By collaborating we are giving families a customized experience.”
Nearly 40% of Americans were without life insurance policies as of 2017, and Ethos intends to bridge this life insurance gap using a combination of technology, insurance product innovation, and education.
Tom Henning, Chief Executive Officer (CEO) of Assurity Life, also commented: “It is clear that we as an industry need to start rethinking how we deliver insurance and service families. Partnering with Ethos allows us to give more families access to trusted products while also leveraging technology to deliver a next-generation experience. We have accomplished a lot together over the past year and look forward to growing our program.”
