Eleos Life Launches Plug-and-Play Life Insurance and Disability Insurance in the US

Eleos Life, a fully digital provider of embedded disability insurance and life insurance in the U.K., announces its entry into the U.S. market in partnership with mutual insurance corporation Assurity and global reinsurer SCOR.

United Kingdom-based Eleos Life is launching embedded term life insurance and disability insurance in the United States. As a provider of embedded digital insurance licensed in 41 states plus the District of Columbia, the company is making its products available to credit unions, banks and fintech companies across the U.S. The aim is to deliver essential insurance protection to millions of Americans who currently lack adequate coverage.

The problem

According to industry data, fewer than 30% of Americans have individual term life insurance, while only about 18% hold individual disability insurance. Employer-provided and state-funded insurance cover can be unreliable, since these benefits can be limited or even vanish when someone moves to a new job. Individual term life insurance ensures financial support for families after the loss of a loved one, while disability insurance provides essential income protection in case of illness or injury.

The opportunity 

The opportunities for Eleos Life and its partners are huge.

The disability insurance market in the U.S. is estimated to be worth $127 billion and is showing a CAGR of 11.69. The total addressable market is the 161 million people in employment, of whom only 18% have individual disability insurance. Less than 30% of adults have individual term life insurance, while the total addressable market is thought to be worth $15 billion, comprising the 65 million households with a single or primary breadwinner.

Eleos’s solution

Two of the main reasons for the low adoption rates of these insurance products are poor awareness and limited accessibility. Eleos has an effective strategy to address these challenges:

• Embedding life and disability insurance into the digital platforms of consumer brands using APIs and white-labeled journeys
• Raising awareness through marketing support based on the data these brands hold
• Providing simple digital products that can be easily purchased from within their platforms

Partners can embed these products in less than a week. Some options can be engineered within a single day. With regulatory compliance fully managed by Eleos, integration is seamless, with no setup costs and minimal partner workload.  Eleos is licensed in 41 states plus the District of Columbia, with plans to expand their reach in the future.

In addition to these essential financial protections, every policyholder benefits from free extras. These are part of Eleos’s holistic approach to caring for its policyholders. The first two perks to be offered provide valuable support for both physical and mental wellbeing:

• Remote Primary Care
  • 24/7 fully secure and private access to doctors and nurses by video or text, including prescription service
• Mental health therapy
  • 7-day access to 50-minute structured counselling sessions, 8 a.m. to 10 p.m. to treat anxiety, depression, trauma and other problems

Kiruba Shankar Eswaran, CEO of Eleos Life, stated, “With the low uptake of life and disability insurance, we’ve created a straightforward way for companies to distribute these essential protections. In the U.S. alone, it’s estimated that 65 million households could benefit from affordable life insurance, with millions of families vulnerable due to insufficient savings. We’re enthusiastic about leveraging everyday consumer platforms to close this protection gap.”

Eleos’s U.S. partners have been impressed with the company’s success in the U.K. and have welcomed the chance to work with them in their U.S. expansion.

Brian Barnes, VP Partnerships at SCOR (a leading life reinsurer), said: “We are excited to partner with Eleos Life as they launch their innovative term life insurance products in the U.S. Eleos has demonstrated success in the U.K. by providing accessible and essential financial protection through their digital platforms. Their innovative approach to embedding insurance seamlessly into consumer journeys aligns with SCOR’s mission to advance forward-thinking solutions in the insurance industry. We are optimistic that this partnership will help bridge the protection gap and we look forward to supporting Eleos in this expansion.”

How it works

Eleos Life’s term life insurance and disability insurance products can be quickly and easily embedded into digital platforms within seven days and immediately start generating additional revenue for companies.This seamless integration allows their customers to purchase insurance completely online within minutes, instantly protecting what matters.

Benefits for Eleos Life partners:

• Recurring monthly revenue 
• Better support customers
• No set-up costs
• Ongoing tech & marketing support
• Regulatory compliance taken care of

Benefits for partners’ customers:

• Easy access to essential protection on a platform they know and trust
• 100% digital application and policy management with no phone calls
• Financial security and peace of mind
• Valuable free perks including telemedicine and mental health counselling