Covr Financial Technologies, Americo Financial Life and Annuity Insurance Company, and reinsurer SCOR have teamed up to launch a new life insurance offering.
Dubbed LoanMatch Protector, the new policy is customised to a consumer’s specific loan amortisation schedule and the insurance amount closely matches the loan amount.
This offering is designed to addresses the need for ‘affordable and easy-to-attain’ life insurance protection when individuals and businesses take out loans, the companies noted.
The offering, the companies claims, will help customers save 30% or more compared to level term life insurance solutions.
LoanMatch Protector is available to customers of banks, credit unions, lenders, e-banks, and direct lenders through Covr’s white-labeled digital life insurance platform.
Utilising API functionality and predictive analytics, this platform integrates the offering into any distributor’s model.
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Covr CEO Mike Kalen said: “LoanMatch Protector is an example of market-leading innovation in the life insurance space. In a time of increased consumer demand for life insurance, Covr, Americo and SCOR have joined forces to develop a product that truly provides a highly desirable and personalized life insurance policy for consumers that is linked to their loan amount.”
Americo President and CEO Phil Polkinghorn noted that the new offering fills a much-needed gap in the insurance marketplace.
SCOR senior vice-president of Strategic Partnerships Richard De Sousa added: “LoanMatch Protector brings together SCOR’s track record of leading-edge innovation in the insurance industry, Americo’s long-standing reputation in the life insurance space, and Covr’s market-leading digital platform, to provide a best-in-class life insurance product that is truly unique in the market.”
Recently, SCOR partnered with data analytics platform CyberCube to expand its capabilities in catastrophe modeling.