Bubble Launches Online Embedded Insurance for Housing Industry in the Wake of $1.75M in Funding
Bubble, the company that has made getting tailored home and life insurance an instantaneous online process, today launched its turnkey embedded Insurance-in-a-Box offering on the heels of $1.75M in pre-seed funding anchored by The House Fund with participation from Tuesday Capital, Correlation Ventures, and North Coast Ventures. With Bubble, real estate and mortgage companies are able to embed digital homeowner’s and life insurance seamlessly into real estate transactions. This enables people buying a home or refinancing a mortgage to easily – often in just a few minutes online – protect their homes as well as their families’ futures at the same time as making a home/loan purchase.
Bubble’s Embedded Insurance-in-a-Box offering includes widgets, APIs, white-labeled or co-branded consumer sites and referral URLs that real estate companies can use to embed accurate home and life insurance quotes into home and loan purchase flows. Combining data from home and mortgage transactions with its own extensive database and proprietary analytics, Bubble delivers custom-tailored quotes in real-time. Through Bubble’s online portal, customers can further personalize their coverage, maximize discounts, complete their applications, and have their policies approved and issued in a matter of minutes. Bubble integrates directly with top-rated insurance companies to match customers with customized policies instantly online. Its AI-guided recommendation engine, Bubble LifePal, currently finds the products with optimal coverage from Stillwater for homeowner’s insurance along with SBLI and Pacific Life for term life, and integrations with other insurers are forthcoming. Customers are presented with transparent, personalized insurance packages, and often are able to get underwriting decisions and have their policies issued, all online in minutes.
“We are excited to offer our range of home insurance products on Bubble’s all-digital platform,” said Stillwater VP of Inside Sales and Sales Systems, Alisa Ruenprapan. “Bubble’s intuitive online flows demystify the process while giving users the flexibility to customize coverages to their needs. Together with Bubble, we’re making insurance buying as easy as pie.”
Recognizing that homeownership is a key catalyst to life insurance purchase, Bubble pairs two unique term life products especially suited for younger home buyers: Next by Pacific Life & SBLI’s Simplified Issue Term Life.
“With Next Term Life, you don’t have to anticipate the future and buy more life insurance than you need,” explained Joe Kordovi, AVP of Innovations at Pacific Life. “You start with the coverage you need today and can increase or decrease at key life events, such as buying a house, without additional underwriting. It’s an innovative product that lets you ‘lock in’ your health rating, typically when you’re young and healthy. Bubble’s online platform that integrates life insurance at this key milestone is the perfect entry point for Next Term Life.”
The other term life product by SBLI offers a completely fluid-less (i.e., no medical test) underwriting process and provides instant online decisions in minutes, a perfect complement for busy home buyers that already have their hands full. “SBLI is very happy to work with Bubble and offer a unique and simplified issue digital term insurance solution to Bubble customers through this valuable partnership. This strategic collaboration supports SBLI’s continued commitment to build diversification in both our product and digital distribution areas,” said Denis Clifford, SVP of Sales & Distribution at SBLI.
“Bubble streamlines the natural flow of life events: starting a family, buying a home, insuring it, and insuring everyone living there,” said Bubble Co-founder & CEO Avi Gupta. “Millennials especially stand to reap the benefits of bundling life and home insurance while they’re young and healthy. They can lock in a great rate for the next several decades. Our mission is to make it as simple and straightforward as possible for them to do that.”
Bubble’s digital Insurance-in-a-Box helps real estate companies minimize friction and speed transactions by enabling customers to quickly get insurance when they’re buying a home. Lenders and loan servicers also mitigate the risk of default with term life policies covering borrowers. These companies in the housing ecosystem can even monetize insurance by sharing commission splits or referral fees with Bubble under certain circumstances. Dan Zettler, partner at Barnstable Mortgage Group, noted: “As mortgage brokers for nearly 20 years, partnering with Bubble allows us to leapfrog our offerings into the digital world with a completely online experience for personalized home and life insurance. Taking the pain and hassle out of insurance purchases is a no-brainer!”