B2B fintech company Even Financial has purchased LeapLife, an insurtech platform and digital life insurance agency, to roll out services for the insurance industry.
Even Financial, which is engaged in providing API for financial services search, acquisition, did not divulge the financial terms of the deal.
Even Financial said that LeapLife acquisition will enable it to instantly commence its insurance capabilities and simplify the way people search, compare, and get matched with insurance policies.
LeapLife is a digital insurance broker. It offers customised life insurance recommendations based on the unique needs of customers.
It leverages data science, its underwriting knowledge, and technology to enable consumers to apply for instant-decision life insurance policies, while offering real-time quotes.
As per the agreement, LeapLife’s existing platform will continue to operate from leaplife.com.
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By GlobalDataEven Financial said that it plans to integrate LeapLife’s technology and insurance offering further into its API in the coming weeks.
Even Financial founder and CEO Phill Rosen said: “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance.
“Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600bn in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernise the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”
