SCOR partners with Covr, Americo on digital life insurance solution
Global reinsurer SCOR ( click here for SCOR dedicated page) has entered into a strategic partnership with insurtech Covr Financial Technologies and Americo Financial Life and Annuity Insurance Company for a "first-of-its-kind" life insurance policy tailored to the loan amortisation schedule.
The companies have launched LoanMatch Protector to address the need for an "affordable and easy-to-attain" life insurance protection when individuals and businesses take out loans.
The policy can be accessed by customers of banks, credit unions, lenders, e-banks and direct lenders through Covr's white-labeled digital life insurance platform.
The process can be completed in less than 15 minutes and eliminates the need for a time-consuming medical examination 88 percent of the time for coverage amounts up to $1 million, with the insurance amount closely matching the loan amount, reportedly saving customers at least 30 percent compared to level term life insurance solutions.
"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," said Richard De Sousa, senior vice president of strategic partnerships at SCOR.
Covr CEO Mike Kalen added: "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."
Phil Polkinghorn, president and CEO of Americo, commented: "Americo is thrilled to collaborate with Covr and SCOR to issue the LoanMatch Protector product. It fills a much-needed gap in the life insurance marketplace."
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