6 life insurance partnerships the industry is watching

November 11, 2022 2:00 PM

Enjoy complimentary access to top ideas and insights — selected by our editors.

Innovative partnerships between life insurance companies and technology firms are providing new impetus to the digitization of the industry.

From USAA Life working with Human API to leverage digital health data that makes it easier for its members to buy life insurance, to John Hancock and Allstate collaborating on an initiative that offers rewards points to John Hancock policyholders for combining healthy habits with safe driving, here are six partnerships that have the industry taking note.

JUSTIN BROWNELL USAA

USAA Life Insurance to partner with Human API

A new partnership between USAA Life Insurance and health data platform Human API that provides USAA with access to the digital health information of its members will help streamline the company's life insurance buying process.

"Human API's platform further expands our ability to provide our members the best experience buying life insurance," said Chris Flint, senior vice president and general manager, life insurance at USAA.

As a pioneer in the use of digital health data, this latest initiative is a further step forward in the company's drive toward automated underwriting.

Read more:

USAA Life Insurance to partner with Human API

Robert Benson

Sun Life looks for partnerships to achieve digital excellence

Insurance companies are increasingly looking to find the right technology and platform partners to advance their digital transformation and modernize their operational processes.

In an interview with Digital Insurance, Ted Phillips, vice president of the Distribution Digital Center of Excellence at Sun Life, discussed the need to balance in-house development vs. working with partners, the importance of connectivity in the industry, the company's new partnership with health insurance and benefits API platform Ideon, and more.

Read more:

Sun Life looks for partnerships to achieve digital excellence

Lebanon's Fractured Economy Ahead of Election

Francesca Volpi/Bloomberg

Simploy gets digital assist from Pendella for life insurance sales

It took less than two hours for the partnership between professional employer organization Simploy and digital life insurance provider Pendella Technologies to kick into gear.

Using a recommendation engine that evaluates potential policyholders before customizing specific offerings for them, Pendella's service enables Simploy to provide a range of life insurance options to its client companies and their staff.

"Employees can get the instant decisions and everything right there," says Chassie Smith, director of operations at Simploy. "Or if they chat with an agent, Pendella can take care of all of those items as well."

Read more:

Simploy gets digital assist from Pendella for life insurance sales

Haven Life partners with fintech Kinly

Haven Life has joined forces with Black-owned fintech Kinly to help the company expand its roster of financial services products to include term life insurance for Black Americans.

"We chose to partner with Kinly to educate the people who can most benefit from life insurance on its value and offer them affordable coverage so they can protect their loved ones," said Olga Stamatova, Head of Strategic Partnerships at Haven Life.

For its part, Kinly also sees great value in the deal. "We're excited to be partnering with Haven Life, as ensuring access to quality, affordable life insurance is a key part of building [generational] wealth," said Kinly CEO and Founder Donald Hawkins.

Read more:

Haven Life partners with fintech Kinly

Penn Mutual’s Vantis continues partnership with Everdays

Young seniors and individuals planning their retirement and thinking about their life insurance needs can take advantage of a new collaboration between Vantis Life and insurtech retirement planning platform Everdays.

"This innovation puts planning and insurance products together and aligns with Vantis' goal to provide simple, easy-to-afford protection to more American families," said Tom Harris, president of life insurance and annuities at Penn Mutual, which owns Vantis.

Everdays CEO and founder Mark Alhermizi was equally enthused by the arrangement. "Combining our proprietary digital planning and funding platform, Vantis Life's products and accelerated underwriting process with Penn Mutual's history, stability and strength is a unique offering."

Read more:

Penn Mutual's Vantis continues partnership with Everdays

Allstate, John Hancock alliance and what it could mean for the future

John Hancock Vitality, the firm's tech-based wellness program that enables life insurance policyholders to earn rewards for healthy nutritional, physical and mental well-being habits, is adding good driving as a way to earn points if the policyholder is a safe driver in the Allstate Drivewise program.

"We're creating ecosystems where a consumer doing something positive in one way compliments something else," said Brooks Tingle, the president and CEO of John Hancock.

Policyholders are not the only beneficiaries. "By bringing together the Drivewise and Vitality programs, agents and financial specialists are also able to strengthen customer relationships while differentiating themselves from the competition," said Mary Nelson, vice president of life and retirement, and president and CEO of financial services, at Allstate.

Read more:

Allstate, John Hancock alliance and what it could mean for the future