We’re happy to announce our new name and an updated look to better reflect our commitment to improving financial resilience.
“Resilient” reinforces our mission to improve the financial health of Americans in a proactive and economically sustainable way.
When we started ostraa, we had one goal: to improve the financial lives of financially vulnerable Americans. That hasn’t changed. We’ve always believed that in addition to easy access to affordable products that enable consumers to borrow at low interest rates, spend wisely, and save well, consumers also need a way to cope with unexpected financial disasters without resorting to taking on more debt, or to relying on friends and family to make up the difference.
It quickly became clear to us that insurance, designed innovatively according to a new model of inclusivity, is a proactive solution (instead of a reactive solution, like credit), as an effective way to help vulnerable Americans become financially resilient.
As we have continued on this journey and dove into more consumer-focused research, we discovered access was only half of the problem. Affordability has proved to be just as much of a barrier for consumers. So we decided we would offer it for free (or “at no cost” if you’re a regulator) to consumers and ask businesses to pay for it in return for loyalty. After all, while a financially healthy customer is a good customer, over the long term, a financially resilient customer will be an even better one.
Over the last decades, studies in consumer financial health and financial inclusion — e.g. from the U.S. Financial Diaries, Aspen Institute, Financial Health Network — show that insurance can be an integral part of building financial health because of its ability to help consumers withstand financial shocks (such as accidents and health emergencies), and consequently to support other areas of financial health such as savings and credit, by relieving financial pressure from emergency savings and the need for predatory lenders or overuse of credit in times of need.
As the economic landscape changes rapidly, and systemic challenges increase for consumers struggling for financial health, the traditional models of insurance protections have become increasingly misaligned with consumer needs. Consumers — especially low- to moderate income consumers — need access to insurance products that are designed to meet them where they are at, with affordable and relevant protections that account not only for their current behaviors, but also for their future aspirations.
In short, consumers need to be given the chance to become more… Resilient.
By helping people become financially resilient we add the missing piece to a holistic view of financial health.
At Resilient we continue to work with financial services companies, retailers, platform marketplaces and others to design, develop and implement innovative Inclusive Insurance programs to differentiate businesses and make customers financially resilient.
Our name may have changed — but our mission hasn’t. With our new name we’re doubling down on our commitment to provide low and moderate income Americans with access to affordable products that improve financial resilience and ultimately help them prosper.
Read more about how we serve consumer financial resilience and corporate KPIs.
The largely ignored component of financial health: Resilience
Insurance → Financial Resilience → Financial Health
Focusing on resilience “now” for consumer financial health
About Resilient: Resilient provides a suite of no-cost, inclusive insurance products to 1099 independent contractors, financial services and retail consumers. Resilient gives Americans the insurance protections they need, while supporting corporate KPIs and helping Americans withstand financial shocks and better stabilize their financial health and become financially resilient. The Resilient model is a business solution to a social problem and a social solution to a business problem. www.imresilient.co
