Leap Life, an insurtech company backed by RGAX, the transformation unit of Reinsurance Group of America (RGA), has announced the launch of its personalised digital life insurance platform.
The platform aims to predict an applicant’s chances of getting approved, using a matching algorithm that optimises need, health and financial fit to set them up with the right policy.
Leap Life has partnered with a number of insurers, including Pacific Life, Lincoln, Mutual of Omaha, Protective and others, to accommodate a variety of budgets and leverage the underwriting and pricing of all carriers.
In addition to RGAX, Leap Life is backed by life insurance carrier Assurity, and also works with fintech and insurance partners such as Credit Sesame and Insurify to offer consumers more convenience and digital access.
“The life insurance industry is on the verge of the next phase of innovation,” said Tom Patterson, CEO and Co-Founder of Leap Life.
“Regardless of age, health status or credit standing, all people deserve access to good insurance, at an affordable rate, through a seamless online process,” he explained. “It’s our goal to democratize this process through our digital platform.”
The insurtech aim to set families up with policies better matched to their financial situation, and estimates that most consumers pay between 50-300% more for their life insurance if they use the wrong carrier.
Chris Murumets, Managing Director of RGAX Americas, also commented on the launch: “At RGAX, we are focused on transforming the life insurance industry, and we strategically partner with strong insurtechs, like Leap Life, that will drive the greatest industry impact.”
“We believe that the life insurance industry is changing rapidly, and we are leading the change with innovative insurtechs such as Leap Life,” added Jared Carlson, Head of Corporate Venture of Assurity.