Leading Carrier and Reinsurer Partner with Insurtech Startup Bestow on its Highly Anticipated, On-Demand Platform
Dallas, Texas (PRWEB) September 07, 2017 -- Bestow Inc., the company behind a revolutionary new approach to life insurance, today announced a partnership with Munich American Reassurance Company, the U.S. life and disability reinsurance division of Munich Re, and North American Company for Life and Health Insurance®, a top-rated carrier in the United States and member company of Sammons® Financial Group, to develop new life insurance products for Bestow’s anticipated on-demand life insurance platform.
This partnership demonstrates how insurance industry leaders are working with insurtech to redefine how the industry collaborates and goes to market. Together, the three brands are actively working on products that will premiere as part of Bestow’s full stack, digital platform later this fall. Upon launch, the platform will give consumers an entirely new way to research, buy, and manage life insurance with product options that are affordable, simple to understand, and seamless to purchase.
“Life insurance is more than a financial product -- it helps protect futures and builds hope. The millions of people who worry about their protection and remain without coverage deserve a solution that is backed by some of the best in the business,” said Melbourne O’Banion, co-founder and CEO of Bestow. “Having products issued by North American and assured by Munich Re helps give peace of mind.”
The partnership with Munich Re and North American ensures Bestow customers are backed by two of the most trusted names in the industry. North American sits amidst the country’s most reputable carriers and is among the few that is A+ rated[1]. Munich Re is one of the world’s leading reinsurers and Munich American is rated A+ (Superior) by A.M. Best.
“Rethinking life insurance starts by taking a close look at high-demand products and then rebuilding with a customer-first mentality,” said Jonathan Abelmann, co-founder and President of Bestow. “We’ve been fortunate to work with Munich Re and North American on this effort, benefitting from their in-depth market expertise and data to develop unparalleled digital solutions capable of serving millions of customers.”
“Digital distribution is an innovative means of improving the customer experience and increasing life insurance accessibility,” said Michael Taht, executive vice president of research, analytics and underwriting at Munich Re. “Our partnership with Sammons and Bestow will give consumers access to trusted products while they leverage technology to deliver a user-focused, online solution to buying life insurance.”
“Today, there are millions of consumers who need and want life insurance, and many of these consumers are not using a traditional agent to purchase coverage,” said Steve Palmitier, President and Chief Operating Officer at North American. “Bestow offers a creative solution that enables us to reach those consumers who prefer a digital purchasing experience. Together we are developing great life insurance products that will give these consumers exceptional, cost-effective, and personalized options.”
Bestow’s partnership with Munich Re and North American follows the company’s recent announcement of closing $2.5 million in seed funding, led by NEA.
Stay tuned for more information, as Bestow expects to launch this fall. In the meantime, please visit https://www.hellobestow.com/ to learn more.
About Bestow:
Bestow is revolutionizing the approach to life insurance, helping this generation protect a financial future for themselves and their families. Bestow is the first comprehensive full stack digital life insurance solution. The company provides simple products, algorithmic underwriting, and data-driven financial solutions in a bundled, streamlined user experience. For more information about Bestow, please visit https://www.hellobestow.com/.
Munich American Reassurance Company
Munich Re, U.S. (Life), founded in 1959, is one of the largest reinsurers in the U.S. offering life and disability reinsurance to insurance companies throughout the United States. The company also writes group, credit and other reinsurance products. Headquartered in Atlanta, with offices in Chicago and New York, the company is licensed, accredited or authorized in all fifty states; Washington, D.C.; Guam; and Puerto Rico.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. In the financial year 2016, the Group – which combines primary insurance and reinsurance under one roof – achieved a profit of €2.6bn. It operates in all lines of insurance, with over 43,000 employees throughout the world. With premium income of around €28bn from reinsurance alone, it is one of the world’s leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in ERGO, one of the leading insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2016, ERGO posted premium income of €16.0bn. Munich Re’s global investments (excluding insurance-related investments) amounting to €219bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.
Disclaimer
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.
About North American Company
North American Company for Life and Health Insurance is a member of Sammons® Financial Group, Inc. Since 1886, North American has established a tradition of providing quality insurance products to consumers throughout the U.S. and offers a comprehensive portfolio of term, universal life, and indexed universal life insurance products. North American also offers a wide variety of traditional fixed and fixed index annuities and consistently ranks among the top fixed index annuity carriers in the U.S. [2] In 2016, North American ranked number 10 in life insurance sales, as part of Sammons Financial Group. [3]
About Sammons Financial Group:
Sammons® Financial Group, Inc. (SFG) [4], an SEI wholly-owned subsidiary, is the parent of a group of member companies under the insurance Holding Company Act made up of several successful financial services companies offering a variety of financial and retirement products through multiple distribution channels. These consist of retirement products, annuities, variable annuities [5], variable life insurance [5], and life insurance (including bank, corporate, and credit union-owned life insurance). For more information, please visit http://www.sammonsfinancialgroup.com.
[1] S&P Global Ratings awarded its "A+" (Strong) rating for insurer financial strength on February 26, 2009 and affirmed on October 19, 2016 to North American, The "A+" (Strong) rating is the fifth highest out of 22 available ratings as a member of Sammons ® Financial Group .
A+ (Superior), the second highest rating out of 15 categories, was affirmed by A.M. Best for North American as part of Sammons Financial Group on July 6, 2017. A.M. Best is a large third party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance and ability to meet its ongoing obligations to policyholders.
[2] Source: AnnuitySpecs, Quarterly Indexed Sales & Market Report
[3] Source: LIMRA International, U.S. Retail Individual Life Insurance Sales, fourth quarter 2016 results. Sales based on annualized premium plus excess.
[4] Sammons Financial Group is comprised of North American Company for Life and Health Insurance®, Midland National® Life Insurance Company, Sammons Retirement Solutions® Inc. and Sammons Financial Network® LLC, member FINRA.
[5] Variable products distributed by Sammons Financial Network® LLC, member FINRA, Variable products distributed by Sammons Financial Network® LLC, member FINRA . Sammons Financial Network® LLC is a member of Sammons® Financial Group, an indirect wholly owned subsidiary of Sammons Enterprises, Inc. of Dallas, Texas.
Kristina Kennedy, Kickstand Communications, +1 (857) 263-3392, [email protected]
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