The digital life insurance company is working with Assurity Life Insurance as its underwriting partner and Munich Re for reinsurance services
SAN FRANCISCO -- July 23, 2018 -- Today, Ethos, the company making life insurance accessible and simple, officially announced its partnerships with Assurity Life, a mutual insurance organization, and Munich Re, one of the world’s leading reinsurers. The partnership with Assurity Life and Munich Re follows the Ethos’ recent launch out of stealth and closing an $11.5 million funding round, led by Sequoia Capital.
The partnerships with Assurity Life and Munich Re assists Ethos in its mission to make life insurance more accessible for American families. To date, the process to purchase life insurance has been overwhelming and intimidating for the average consumer. With nearly 40 percent of Americans without life insurance policies as of 2017, and over half of them choosing not to purchase policies because they believe they’re healthy enough not to need one, Ethos is looking to bridge the life insurance gap through technology, insurance product innovation and education.
“It is clear that we as an industry need to start rethinking how we deliver insurance and service families,” said Tom Henning, CEO of Assurity Life. “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.”
Ethos leverages technology to offer consumers life insurance. Through predictive analytics and a software-based platform, the company has completely modernized the life insurance process. In fact, when using Ethos, many people can apply and qualify for a policy after a ten minute application versus the ten weeks it takes through a more traditional process. Additionally, more than 99 percent of Ethos customers have required no 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 EVP 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.”
“Life insurance is about financial empowerment and protection,” said Peter Colis, CEO and co-founder of Ethos. “We are working to protect the millions of vulnerable families who would otherwise avoid the traditional high-friction process, and in doing so, gamble their family’s financial future. Our partnership with Assurity and Munich Re prioritizes people, and we are excited for the future.”
Ethos is a new kind of life insurance built for people who don't have time for fine print, extra doctors appointments or hidden fees. Ethos uses the power of technology and predictive analytics to modernize the life insurance process and align products with what families want and need during critical times in their lives. An application is fast and easy, turning a process that used to take weeks into a ten-minute experience for most customers. Backed by Sequoia Capital and Stanford University, Ethos is headquartered in San Francisco and licensed in 49 states. To learn more, visit www.getethos.com.
About Assurity Life
Assurity is working hard to make the business of insurance simple – more human – by listening, showing that we care and offering customers invaluable insurance products and financial protection. More than a business with a bottom line, we’re a mutual organization whose mission is helping people through difficult times. By dedicating ourselves to the community, the environment and using our business as a force for good, we’re able to take the long view when it comes to upholding our promises.
Natalie Colli, InkHouse for Ethos
Phone: (415) 299-6595