Bestow Launches New, Plug-and-Play Embedded Insurance Solutions
Bestow is proud to announce Bestow Protect, a suite of new embedded life insurance solutions that empower fintechs, financial institutions, P&C and health insurance carriers, and others to offer customers the financial protection that life insurance can provide. Protect enables companies to easily offer customers a product they need while increasing value, retention, and revenue.
Powered by Bestow’s platform, Protect integrations take as little as one day to implement and facilitate a partner-hosted, 100% digital life insurance buying experience that never requires a medical exam.
That’s why leading companies — like our partner Lemonade — recognize the value in cross-selling life insurance and are moving quickly to engage customers further. It’s practically a no-brainer.
Unlock New Revenue With Embedded Life Insurance
Help Your Customer Secure Financial Protection
Life insurance is an essential financial tool that most families need. But perceived high costs, product confusion, and process friction have historically prevented customers from purchasing it. For example, today, 4 in 10 Americans say they need to buy life insurance or increase their coverage.
Your customers are among them: new homeowners who want to help ensure their mortgage will never be a burden to their loved ones; new college students managing private student debt and protecting their co-signers; and new parents who want to ensure their partner and children will be financially protected if the worst were to happen.
Bestow offers customers a simple, five-minute way to check buying life insurance off their to-do list. And Bestow Protect helps businesses become the trusted source for many of their customers’ financial needs as they experience major life stages.
Capture An Attractive Revenue Opportunity
Life insurance represents hundreds of dollars per policy sold for your business — meaning a scaled Bestow Protect partnership can generate millions of dollars in annual revenue. Additionally, by selling relevant products like life insurance, you increase total lifetime value.
Protect’s pricing helps businesses establish a stable inflow of payments over the years. Bestow, and our carrier partners also manage risk so that you can add this revenue to your portfolio free of the burden of claims and mortality.
Strengthen Your Customer Relationship
Helping your consumers protect their loved ones with a product they actually need can deepen your customer connection and increases retention.
Embedding life insurance builds in 10–30 years of customer interaction because of the duration of a term life policy. And because a new life insurance offering evolves your product portfolio, you’ll have more opportunities to meet customers’ needs as they experience new life stages like buying a home or having a child. Protect’s embedded capabilities enable companies to maintain complete control of the customer experience, offering decades of opportunity for customer interaction and natural moments to build loyalty.
Cross-selling term life insurance creates more value for customers and can increase customer retention. Industry studies show that companies with customers who own multiple products experience 10% less attrition. Protect can add a tailwind to your existing business while growing a new one.
How Partners Can Easily Integrate Life Insurance
Bestow Protect pairs the best of Bestow’s technology stack with leading companies’ brand equity and engagement. Through Protect integrations, customers can apply for and, if approved, purchase up to $1.5 million in term life insurance in as little as 5 minutes on a partner website. A medical exam is never required.
Bestow’s platform supports a range of flexible integrations that match business needs and resources. Newly launched Bestow Protect solutions include:
- Web — a plug-and-play full-coverage solution companies can launch in one day.
- Protect API — with a new SDK integration built on top of Bestow’s Protect API capabilities, companies can launch a highly customizable, white-labeled offering in any application in a few sprints.
In addition to industry-first embedded insurance technologies, Bestow provides end-to-end support for partners and their communities, including licensing assistance, launch management, marketing expertise, and expert customer support.
Bringing Best-In-Class Life Insurance To Everyone
Today’s customer expects a frictionless purchasing experience for everything, including life insurance. At Bestow, we built our platform with ease and simplicity in mind to remove the barriers preventing customers from purchasing much-needed financial protection.
Now we’re empowering partners to increase the financial security of their customers while earning additional revenue and increasing customer retention.
We’d love to work with your company to launch a life insurance offering. If you’re interested in learning more, please email partners@bestow.com, submit a request on our partner page, or send me a note directly on LinkedIn.
Life insurance quotes provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life Insurance Policies offered by Bestow are issued on policy form LS181 and LS182, or state version including all applicable endorsements and riders, by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health to determine eligibility in order to avoid requiring a medical exam.
