SoFi Technologies has partnered with Prudential Financial to offer eligible members access to Prudential term life insurance through the SoFi app.
The US-based digital financial services provider will make Prudential’s SimplyTerm product available through a digital process created and managed by SoFi.
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Prudential individual life insurance president Salene Hitchcock-Gear said: “Together, we have developed a seamless way to access personalised insurance protection in just a few minutes. Our research shows that many people believe life insurance is far more expensive and complicated than it really is.”
Members will be able to assess available cover, receive a quote, submit an application and buy a policy in the app.
Eligible applicants could obtain cover in minutes without a medical examination or laboratory testing, according to the company.
Prudential Financial said the agreement supports its work to address the gap in life insurance protection.
The insurer also distributes products through credit unions, mortgage providers, and digital finance and insurance platforms.
According to the statement, SoFi has 15.8 million members, while its technology business supports more than 134 million accounts globally.
SoFi advice & planning head Brian Walsh added: “Life insurance is not just about preparing for the unexpected – it is about helping protect the financial future you are building. It can help the people you care about cover everyday expenses, manage outstanding debt and continue working toward important financial goals.”
Earlier this week, Prudential Financial agreed to sell its operations in Brazil and Mexico to French insurer CNP Assurances for approximately $4.03bn (€3.59bn) in cash.
The transaction is part of Prudential Financial’s planned exit from emerging markets.
It followed planned sales of the company’s interests in joint ventures including PT PFI Mega Life Insurance in Indonesia, Alexforbes in South Africa and ICEA LION in Kenya.
CNP Assurances will acquire the Brazilian and Mexican businesses via its Brazilian subsidiary, CNP Seguradora, and CNP Assurances Holding.
