Source: IFA Magazine

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.

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.

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.”

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.”

Read the full article: https://ifamagazine.com/eleos-life-launches-plug-and-play-life-insurance-and-disability-insurance-in-the-us/