Source: Financial Newswire

The solution, backd by TAL, seeks to address a gap in the market for millions of Australian part-time workers, contractors and casual employees who may not be eligible or have adequate access to other types of insurance cover, by integrating insurance options into pre-existing platforms, such as payroll. backd allows employers to provide Life, Income and Illness protection through an online registration process with no underwriting required and all claims processed digitally.

“At the core of our Cover Genius partnership is ensuring more Australians who want and need insurance can get it. To do this, cover should be tailored to their needs, and be easy to access, understand and keep,” TAL Group CEO and Managing Director, Fiona Macgregor, said. “Life insurance is much more than death benefits. Last year, 74% of the 54,000 claims we paid supported the recovery of people with an illness or injury that prevented them from working.

“Many people do not have life insurance either because they feel they cannot afford it, have not been offered it or think the process will be too complex,” Angus McDonald, CEO and Co-Founder at Cover Genius, said. “backd overcomes these issues, by giving employers a simple way to offer their employees easily accessible protection that suits their income and financial needs by simply embedding it into their existing HR or payroll platform.

Read the full article: https://financialnewswire.com.au/life-insurance/tal-inks-deal-with-insurtech-to-launch-embedded-life-insurance/