Hannover Life Reassurance Company of America (Hannover Re US) has partnered with Life By Spot, a direct-to-consumer insurance start-up, to develop a new category of life insurance for short-duration events.
The policies will offer cover to ‘adventure-loving clients’ in the U.S market for periods ranging from 24 hours to 30 days, and will be available through Spot’s platform.
“The collaboration with Life By Spot was a natural fit for our Partnership Solutions group,” said Tony Laudato, Vice President of Partnership Solutions, Hannover Re US.
“We pride ourselves on selecting partners that have a strong, clear plan for the future of the insurance industry and that support our core tenets of agile underwriting, improved risk selection and an overall better consumer experience.”
Matt Randall, Co-Founder and Chief Executive Officer (CEO) of Life By Spot, also commented: “In an age where adventure is everything, we set out to redefine the insurance market, giving people the opportunity to have the peace of mind to live life to the fullest.”
Maria Miller, Co-Founder and Chief Operating Officer (COO) of Life By Spot, also stated: “We tapped Hannover Re to be our key partner for its years of industry expertise and forward-thinking approach to insuretech. Working with Hannover Re has propelled us forward to introduce short-term policies as ‘the new normal’ in insurance.”
