Digital life insurance company teams up with leading HR benefits platform to make coverage available to thousands of employees needing more protection than traditional group life policies
SAN FRANCISCO, Dec. 12, 2018 /PRNewswire/ -- Ethos, the company making life insurance accessible, affordable and simple, today announced a partnership with Namely, the leading HR platform for mid-sized companies. Through this partnership, Ethos life insurance will be extended to mid-sized businesses across the nation that use Namely's digital HR platform for administering employee benefits.
Life insurance is a benefit that many Americans consider an employer-sponsored perk, rather than a financial necessity. In fact, only 60 percent of Americans actually have life insurance coverage and many are through employer-issued group policies that only cover a fraction of what people actually need. With more than 30 percent of employees reporting no benefits education or guidance from employers or benefits companies, millions of American workers can get left behind without proper coverage.
Namely and Ethos have partnered to help bridge this life insurance coverage gap by bringing Ethos' simple, fast and affordable life insurance options to Namely users all over the nation. Ethos will be available through the Namely platform during 2019 open enrollment this November for employees of Namely clients that utilize the partnership.
"Life insurance is a critical component of a strong financial plan, because it's what protects your family as well as your assets," said Matthew Monahan, Namely VP of Benefits. "Ethos' approach to getting people personalized, affordable life insurance coverage through an online experience, is the kind of service our customers want and deserve. We're excited to partner with Ethos to expand life insurance options for thousands of employees at the mid-sized companies we serve at Namely."
Life insurance has traditionally been a burdensome and confusing process most people avoid due to the friction in the process, leaving tens of millions of American families unprotected. Employer-sponsored group policies provide some coverage, but usually, options are not flexible, the policy is not portable and it rarely gives the proper amount of protection a person with dependents (children, elderly family members) and financial responsibilities (student debt, a mortgage) needs. Getting a life insurance policy through Ethos is fast, easy and inexpensive. Ethos leverages technology and a data-driven application process to offer the same benefits that often attract group policy buyers - lower premiums and no medical exam - while providing great coverage. In fact, 99 percent of Ethos customers do not require a medical exam or blood test, and most applicants are approved in 10 minutes versus the 10 weeks it typically can take during the traditional insurance process.
"Giving people the tools they need to take better control of their financial futures has always been a core part of why we built Ethos," said Peter Colis, Ethos CEO and Co-founder. "We see that same passion in how Namely is serving a core part of the American workforce with an approachable, people-focused benefits platform. We're thrilled to officially kick off as 2019 benefits season begins today."
Ethos was co-founded by Peter Colis and Lingke Wang to solve the life insurance coverage gap in the US. The company launched in June 2018 and has raised more than $46 million in funding from Sequoia Capital, Accel, GV, Roc Nation and Stanford University, among others. Ethos is licensed in 49 states and has already processed thousands of applicants for life insurance coverage. The company is on a mission to simplify and modernize life insurance products through technology to better align with the wants and needs of American families.
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. The Ethos application is fast and easy, turning a process that used to take weeks into a ten-minute experience for most customers. Co-founded by Peter Colis and Lingke Wang, the company has raised more than $46 million in funding from Sequoia Capital, Accel, GV, Stanford University and Arrive, a subsidiary of Roc Nation, among others. Ethos is headquartered in San Francisco and licensed in 49 states. To learn more, visit www.getethos.com.
Namely is the first HR platform that employees actually love to use. Namely's award-winning, powerful, easy-to-use technology allows companies to handle all of their HR, payroll, time management, and benefits in one place. Coupled with dedicated account support, every Namely client gets the software and service they need to deliver great HR and a strong, engaged company culture. Namely is used by over 1,000 clients with over 175,000 employees globally. Headquartered in New York City, the company is backed by investors including Altimeter Capital, GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya Capital, and True Ventures. For more information, visit www.Namely.com.
Namely provides insurance producer services through Namely, Inc. (dba Namely Insurance Services in California; CA License #: 0K13729), Namely Employee Benefits, LLC (dba Namely Employee Insurance Services in California; CA License #: 0L60373), or other Namely affiliates with the appropriate licenses granted by the departments of insurance of the corresponding states where Namely acts as insurance producer. Namely is domiciled in Delaware and has its principal place of business at 195 Broadway, 15th floor, New York, NY, 10007. Arkansas Insurance License ##: 100123429 (Namely, Inc.); 100165956 (Namely Employee Benefits, LLC).