Bestow Launches New Plug-and-Play Embedded Insurance Solutions for Businesses of All Sizes
Bestow, the leading life insurance technology company, today announces the launch of new embedded insurance technologies that empower businesses of all sizes to join them in increasing financial security through life insurance. With integrations that take as little as one day to launch, Bestow Protect is a suite of embedded solutions that enable fintechs, financial institutions, P&C carriers, and others to bundle life insurance within their existing customer ecosystem — providing more value, increasing retention, and growing revenue.
Bestow Protect pairs the best of Bestow’s technology stack with leading companies’ brand equity and engagement — making life insurance more accessible to millions of people who need it. Powered by Bestow’s industry-leading platform, Protect integrations enable partners to embed a fully-hosted, 100% digital term life insurance buying experience. Customers can apply for, and if approved, purchase up to $1.5 million in coverage in as little as 5 minutes within the partner’s application or website. A medical exam is never required. Bestow’s life insurance infrastructure provides a best-in-class experience to customers and handles every aspect of the purchasing experience for partners from pricing estimates to application to instant underwriting to policy issuance and administration.
In addition to industry-first embedded insurance technologies, Bestow provides end-to-end support for partners and their communities, including licensing assistance, launch management, marketing and compliance expertise, and expert customer support.
“At Bestow, we’re building transformational infrastructure that powers better life insurance anywhere,” said Jonathan Abelmann, President and Co-Founder of Bestow. “Life insurance is a key component to financial security, but to truly expand access, the industry must adopt modern technology solutions that meet the needs and buying preferences of today’s customers. Bestow Protect does exactly that by enabling companies to cross-sell this important product within their ecosystems through seamless software integrations that take minimal time and resources.”
Forty-one million Americans recognize a need for life insurance but have yet to purchase coverage, representing a $12 trillion coverage gap. Perceived high costs, product confusion, process friction, and limited access are key barriers to securing financial protection for their loved ones. Millennials and Gen Z, in particular, are aging into more mature life events, such as homeownership, marriage, and parenthood — all moments that create a need for life insurance. In fact, 48% of Millennials say they plan to buy life insurance soon.
With Bestow’s platform, companies can strengthen their customer relationship by offering a product they need and a simple and affordable way to check it off their to-do list. Offering term life insurance alongside an existing product suite enables partners to interact with their customers for the next 10-30 years. In addition, Bestow pays an annuitized commission so partners can maximize lifetime value with payments steadily rolling in over a recurring period.