On Monday, insurtech startup Ethos announced it has formed partnerships with mutual insurance organization Assurity Life and reinsurer Munich Re. According to Ethos, the new partnerships follow Ethos’ recent launch out of stealth mode and the closing of its $11.5 million funding round, which was led by Sequoia Capital.
According to Ethos, the partnerships with Assurity Life and Munich Re assist 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.”
While sharing details about the partnerships, Tom Henning, CEO of Assurity Life, stated:
“It is clear that we as an industry need to start rethinking how we deliver insurance and service families. 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.”
Mike Taht EVP of Research, Analytics and Underwriting at Munich Re, added:
“Ethos is succeeding at moving life insurance online. Together with Ethos and Assurity, we are advancing direct-to-consumer underwriting and distribution.” said “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.”