Reinsurance News

SCOR collaborates with machine learning powered financial security platform

29th April 2022 - Author: Jack Willard

Global reinsurer SCOR has announced that it is collaborating with Onuu – an all-in-one banking and insurance solution across the US.

SCORFounded by serial entrepreneurs, Felix Ortiz and Ryan Wuerch, Onuu is designed with Americans of modest means in mind, offering a personalised membership with access to life insurance, credit and savings.

In a press release, it says that Onuu’s platform is powered by AI and machine learning to help change the way that people gain access to financial products, services, and education while creating a more personalised and accessible user experience.

SCOR joins Visa and AAA Life Insurance, as Onuu recently announced its first round of partnerships which are laying the foundation for the insurance solutions offerings, which will include access to products and services for the approximately 166 million Americans currently underserved by the country’s financial system.

In addition, the press release adds that democratising access to financial security is at the core of Onuu’s mission, and this inaugural list of partners represents the company’s commitment to advancing that vision for its members.

Artemis London 2022 - ILS conference

SCOR and Onuu will collaborate on reinsurance solutions for Onuu’s offerings in support of these initiatives.

Manisha Dias, Vice President, Strategic Partnerships at SCOR, said: “As a purpose-driven organization, we aim to reverse the widening savings and protection gaps. We are excited to collaborate with Onuu to increase financial literacy and accessibility, and enhance security with a digital, embedded approach.”

Felix Ortiz, CEO and co-founder of Onuu, added: “At Onuu, we believe everyone deserves financial security, which was the impetus for starting the company. We built the platform with Americans of modest means in mind, leveraging machine learning to help ensure people have access to a more secure financial future.

“We know that working with like-minded brands who prioritize their customers’ financial well-being is critical to our success, and it is an honour to partner with marquee brands like Visa and AAA Life Insurance as we prepare to introduce Onuu nationwide.”

Ankur Chaturvedi, Chief Operating Officer and Interim President at AAA Life Insurance, commented: “We are thrilled to be partnering with Onuu as they pave the way in how people think of and approach financial security. This partnership will enable us to work together in helping Americans gain better, and more robust, access to financial protection for those they care about.”

Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships, Visa, also added: “Expanding access to financial tools and services is core to Visa’s purpose – uplifting everyone everywhere – and we’re excited to work with companies like Onuu in bringing new solutions and approaches to this challenge.

“By joining Visa’s Fintech Fast Track program, Onuu gains access to Visa’s scale, security, reach and network of partners, which can help rapidly growing fintech’s get to market faster.”

Furthermore, Onuu will open up a waiting list on May 2, giving consumers the opportunity to become early subscribers and stay informed of the latest news surrounding the launch.

In addition, Onuu will be launching the platform this summer with immediate plans to evolve its offerings, expand its team, and further develop the technology and build out its partner network over the next six months.

Print Friendly, PDF & Email

Recent Reinsurance News