My journey with life insurance began over 30 years ago as a personal story. My dad passed away when I was 11. He had a simple life insurance policy, which allowed my family to stay stable in a time of extreme uncertainty. My father’s act of love has stayed with me. When I founded my company in 2015, I knew firsthand not only the long-lasting effects a good life insurance policy can provide for families, but also that the industry badly needed disruption.
I believe many in the industry have failed to keep up with consumer expectations in a digital-first world, relying on analog practices for an intangible product that should be as simple to get as making a bank deposit is. Anyone who has tried to get a traditional policy has likely felt just how drawn-out, clunky and manual the process is.
Thankfully, things have been changing rapidly. Awareness for life insurtechs among millennial active shoppers has climbed almost 30% in the last 10 months. The pandemic has brought mortality front and center, with 31% of millennials saying they were more likely to buy coverage now. Financial influencers have been flourishing on social media as consumers actively seek better control over their financial lives.
