Global re/insurer SCOR, Covr Financial Technologies and Americo Financial Life and Annuity Insurance Company have launched LoanMatch Protector, a life insurance policy customised to a consumer’s specific loan amortisation schedule.
This new policy can be accessed by customers of banks, credit unions, lenders, e-banks and direct lenders through Covr’s industry-leading, white-labeled digital life insurance platform.
The LoanMatch Protector solution addresses the need for affordable and easy-to-attain life insurance protection when individuals and businesses take out loans.
The insurance amount closely matches the amount of the loan, reportedly saving customers 30% or more compared to level term life insurance solutions.
Additionally, the process can be completed in less than 15 minutes and eliminates the need for a time-consuming medical examination 88% of the time for coverage amounts up to $1 million.
Richard De Sousa, Senior Vice President of Strategic Partnerships at SCOR, said: “LoanMatch Protector brings together SCOR’s track record of leading-edge innovation in the insurance industry, Americo’s long-standing reputation in the life insurance space, and Covr’s market-leading digital platform, to provide a best-in-class life insurance product that is truly unique in the market.”
Mike Kalen, Covr Chief Executive Officer (CEO), said: “LoanMatch Protector is an example of market-leading innovation in the life insurance space. In a time of increased consumer demand for life insurance, Covr, Americo and SCOR have joined forces to develop a product that truly provides a highly desirable and personalized life insurance policy for consumers that is linked to their loan amount.”
Phil Polkinghorn, President and CEO of Americo added: “With a 100-year history of financial strength and innovation, Americo is thrilled to collaborate with Covr and SCOR to issue the LoanMatch Protector product. It fills a much-needed gap in the life insurance marketplace.”