API developer for the financial services Even Financial is entering the insurance market following the acquisition of InsurTech platform LeapLife.
With LeapLife, Even Financial will be able to launch tools aimed at simplifying and improving the way consumers search, compare and get matched with insurance policies. Following the close of the deal, LeapLife will continue to operate from leaplife.com.
Over the course of the coming weeks, Even will integrate LeapLife’s technology and insurance offering into its APIs to make insurance marketplaces programmatically available to a vast network of channel partners. This will also help the company expand into other insurance verticals including homeowners, renters and auto insurance.
LeapLife leverages data science, deep underwriting and other proprietary technology to help consumers apply for instant decision life insurance policies, with real-time quotes. The technology enables personalised life insurance recommendations.
Even founder and CEO Phill Rosen said, “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance.
“Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernise the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.”
Last year, Even Financial raised a $25m strategic investment from a host of investors including Citi Ventures and MassMutual Ventures.
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