Everyday Life — An Online Insurance Concierge For The Average Person

A platform making expert advice and support readily accessible to everyday people.

Bram Berkowitz
Dec 10, 2019 · 3 min read

The Problem

Decades of industry focus on the wealthier segments has left 58 million middle-income families underserved for basic protection products such as life insurance, disability, long-term care and annuities. In life insurance, fewer than 5 percent of buyers end up with an appropriate amount of coverage. While people with access to fiduciary financial planners tend to experience better outcomes, such services can cost more than $1,000, require lots of documentation and can take weeks.

What The Company Does

Everyday Life offers an entirely new way to buy insurance, with an advice-led, online-buying service that brings expert-level strategies within reach of everyday people. With better fitting coverage that automatically adjusts as a client’s needs evolve over time, clients gain confidence they can afford the right coverage for their situation. Visitors to the site are led through an anonymous, quick and easy needs assessment, where patent-pending technology enhances user-provided data with population data to develop personalized advice based on financial planning leading practices, and deliver quotes and buying support in a way that works for today’s busy families.

The Market

Meeting the needs of the 58 million underserved middle-income families drives $20 billion incremental premium income in life insurance alone, as compared to the total U.S. life insurance industry of $145B. Disability protection, long term care, retirement and other needs offer similar opportunities. Several new online life and annuity distributors have launched in recent years, such as Assurance IQ, Ethos, Fabric, Haven, HealthIQ, Ladder, PolicyGenius and Quotacy. Most focus either on streamlining the buying process or providing a price comparison service. Everyday Life stands apart with a personalized advice-led experience that ultimately delivers better coverage at a lower cost.

Business Model

Licensed as an insurance agent, the company earns commission on policies sold and referral revenue on other personal finance products and services it recommends. The company’s approach to assessing insurance needs and its channel partner distribution strategy set the stage for both extensive cross-selling and lower customer acquisition costs. Go-to-market strategy focuses initially on life insurance, distributed via partners that are highly regarded by the everyday people they serve including credit unions (115M members), personal finance influencers (100M), small employers (61M) and gig economy platforms (57M). The company scaling these through relationships with established service providers.

Traction

Selected for 2019 cohorts of Global Insurance Accelerator, DCU Fintech Innovation Center, and Finance Forward, Everyday Life launched nationally in Q3 after successful beta test earlier this year with over 3,000 users. The company has secured a partnership with Legal & General, one of the largest insurance company globally with over $1 trillion in assets and millions of customers. Implementing initial channel partners now while rapidly growing our pipeline.

Founding Team Background

CEO Jake Tamarkin is the former senior manager at EY’s transaction advisory services; former VP at BNY Mellon, a team leader at MetLife, and head of strategy and innovation at Foresters Financial. He holds an MBA from the Kelley School of Business at Indiana University. CTO Dipali Trivedi is formerly the founder of CloudFountain; executive director at Athenahealth; a big data architect at Constant Contact; a platform architect at Staples and the engineering lead at Pearson Education. He holds an MBA from MIT and a masters in computer science from VJTI.

What They Need Help With

Intros to financial institutions focused on financial wellness. Connect with Jake if interested in learning more.

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Bram Berkowitz

Written by

Full-time journalist and Content Strategy Lead at GoingVC writing about business, the economy, startup culture movies, sports and much more.

The Buzz

The Buzz

Covering early-stage ventures in New England before they’re funded.

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