New insurance offering, nowly, aims to disrupt the industry with a digital-first approach and purpose-driven initiative
Launching today, nowly offers Canadians instant life insurance they can benefit from now, providing world-leading health & wellness benefits through a premium digital-delivery platform, along with a steadfast commitment to its community. Backed by Teachers Life, with over 80 years of industry experience and reliability, nowly aims to disrupt the life insurance space with a digital-first offering and a robust give back program, supporting social-preneurs in Canada who are committed to making positive social change.
According to recent data, 40 percent of Canadians have no life insurance. Furthermore, while 64 percent of Canadians believe life insurance is one of the most important types, nearly 80 percent are dramatically underinsured. These coverage gaps, especially amongst millennials, largely exist because consumers don’t feel they understand life insurance (70 percent) and/or feel the process is too difficult and slow (67 per cent). That’s where nowly comes in.
“The focus for nowly is simple: to make life insurance easy and accessible to Canadians through innovative technology,” says Martha Turner Osborne, Chief Marketing & Sales Officer of Teachers Life. “At nowly, we are all about ‘living nowly’ – which means getting instant coverage, instant benefits and being a member of an insurance company that gives back, now.”
Through its digital-first platform, members receive world-class instant online coverage with rates as low as five dollars per month and coverage of up to $1,000,000, with no medical exams. Once you become a member, you are invited to register for nowly’s customer portal iOS/Android app, nowly Insurance: My Benefits, where you can access member benefits, policy documents and on-demand support. The website offers a best-in-class UX. nowly has partnered with leading insurtech platforms ManageMy and Breathe Life to build a best-of-breed digital ecosystem for its members. Upon signing up, members earn instant healthy living benefits including complimentary access to a world-leading Virtual Health & Wellness Program powered by Virgin Pulse, a 50-dollar annual rebate towards health and wellness expenses/memberships (e.g. Peloton, Calm, meditation classes, etc.), and are actively supporting the brand’s social give back program, Press Start.
“nowly is a modern insurance provider with a big heart – we’re passionately committed to investing in people who are the innovators of tomorrow,” says Turner Osborne. “Our social give-back program, Press Start, connects, supports and empowers entrepreneurs, with a focus on social issues and/or sustainability, to get started or take their business to the next level and bring about radical solutions, now.”
Press Start Hub, the program’s business tools and resources portal, is available for free to all Canadians and provides curated support for established and early-stage entrepreneurs. Press Start Co-Lab, coming this spring, is the program’s event series that will bring together academics, thought leaders and the Press Start community to collaborate on finding solutions to major social challenges.
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