Online lending platform SoFi announced on Monday it has formed two partnerships with insurtechs Lemonade and Root to expand its portfolio of offerings to its members to include homeowners and renters insurance. SoFi reported that the partnerships round out its insurance offerings, giving members access to more tools and services to protect their finances.
According to SoFi, SoFi members will have access to “best in class” insurance products across renters, auto, and life insurance through Lemonade, Root and Ladder, with seamless online experiences, easy-to-understand services, and affordable rates. While sharing details about the partnerships, Anthony Noto, SoFi CEO, stated:
“Protecting yourself and your assets is a critical and often overlooked piece of your overall financial well-being. People come to SoFi to get their money right, and we’re pleased to now provide them with more tools to be able to do so by partnering with companies that share our values in ease of use, transparency, and efficiency.”
SoFi also revealed that over the past year it has conducted over 8,000 conversations between members and financial planners indicating that members are under- or uninsured. Shai Wininger, Chief Lemonade Maker and Co-Founder of Lemonade, commented:
“Joining forces with SoFi is a natural evolution of our product and distribution channels. Both companies are driven by customer centricity and transparency, building products that are simple, fast, and delightful. Offering Lemonade’s insurance product to SoFi members is just the first phase of this collaboration between like-minded technology companies challenging the financial industry status quo.”
Alex Timm, Root Insurance Co-Founder and CEO, added:
“Our priority at Root is to put the power back into consumers’ hands by making auto insurance clear and understandable. We’re excited to partner with the SoFi team as a means for members to have access to more affordable, accurate and fair auto insurance.”